Scottish angel investment syndicate Archangels helped secure £17.9m of funding for early-stage technology and life sciences companies during the first six months of 2026, as investors continued to back high-growth businesses despite a challenging funding environment.

The Edinburgh-based syndicate invested £7.2m directly through its members, alongside £10.7m of co-investment from other investors, supporting several funding rounds involving Scottish university spin-outs.

Among the largest transactions was a £6.2m Series A funding round for University of Edinburgh spin-out Bioliberty, led by the Scottish National Investment Bank with participation from Archangels, Eos Advisory, Old College Capital, Hanna Capital SEZC and Conduit Connect. The company develops AI-enabled robotic rehabilitation technology and plans to use the funding to expand manufacturing in Scotland and grow its US operations.

Archangels also participated in a £1.58m funding round for Biocaptiva, another University of Edinburgh spin-out. The company has developed technology that extracts cell-free DNA directly from whole blood, a process designed to improve the speed and efficiency of liquid biopsy testing used in cancer research and diagnostics. It has recently launched its first commercial product in the US.

The investment activity comes as Scotland's early-stage funding market continues to demonstrate resilience. According to Archangels, Scottish companies raised a record £1.15bn during 2025 despite more difficult conditions for venture capital globally.

The syndicate's activity was recognised earlier this month when it was named Angel Group of the Year at the UK Business Angels Association awards.

David Ovens, joint managing director of Archangels, said the level of co-investment attracted by recent funding rounds reflected continued investor confidence in Scotland's technology sector. "The first half of 2026 has been another active period for Archangels, with the syndicate backing some genuinely exceptional companies," he said. He added that, despite continuing macroeconomic uncertainty, the pipeline of innovative Scottish start-ups provided "real confidence" for the second half of the year.