Archangels helped channel more than £41m into Scottish scale-up companies in 2025, as the Edinburgh-based angel investment group increased activity amid continued pressure on early-stage funding markets.

The syndicate said it leveraged £41.1m of investment across the year, up by around 50 per cent on 2024. Of that total, £12.8m came directly from Archangels’ members, with a further £28.4m secured from co-investors, underlining the growing role of syndicates in crowding in capital for young companies.

The funding was spread across a range of early-stage technology and life sciences businesses, sectors that continue to attract interest despite higher interest rates and a more cautious venture capital environment. Among the larger deals backed by Archangels in 2025 was a £6m Series A round for CSignum, a Scottish company developing underwater communications technology, and a £6.1m seed round for semiconductor start-up Neuranics. Dental imaging business Calcivis also raised £3m to support its expansion in the US market.

Alongside new investments, Archangels recorded another exit during the year following the acquisition of Edinburgh-based wearable technology business Reactec by Ideagen, a global provider of compliance and risk management software. The deal contributed to a total of around £40m returned to members through exits over the past four years.

Co-investors participating alongside Archangels during 2025 included the Investment Fund for Scotland, managed by Maven Capital, the Scottish National Investment Bank, Scottish Enterprise and Par Equity, reflecting a continued emphasis on collaborative funding models in the Scottish ecosystem.

The activity comes against a mixed backdrop for angel investment in Scotland. Data from Angel Capital Scotland shows that while the number of angel-backed deals dipped slightly in 2024 to 2025, the total value of capital committed increased, suggesting larger average deal sizes and a greater focus on companies with clearer scale-up potential.

David Ovens, joint managing director at Archangels, said the level of co-investment secured during the year highlighted continued confidence in Scotland’s growth companies, even as early-stage markets remain challenging. He added that while conditions for new deals were likely to stay tight into 2026, demand for capital from ambitious technology and life sciences businesses remained strong.