Extract from MICHAEL GLACKIN: SCOTTISH SCENE
June 24 2018 | The Sunday Times
Congratulations to Edinburgh business angel syndicate Archangels, which was named the UK’s lead angel investment syndicate of the year. Founded by Mike Rutterford and Barry Sealey in 1992, one of Archangel’s first investments in its maiden year was Dunfermline-based Optos, which floated in 2006 and was acquired by Nikon in 2015 for £259m.
Since its launch, Archangels has led more than £200m of investment, which has generated more than £1.4bn in revenues and helped to create 3,500 jobs.
The award, by the UK Business Angels Association, comes after a year of record investment by Archangels, totalling more than £11m, along with a further £7m it coordinated for other investors including Scottish Enterprise.
Chief operating officer David Ovens told me:
“We’re delighted. The award is recognition for our work in helping to produce what is now a well-developed ecosystem in Scotland.”
Archangels is one of the reasons why Scotland’s tech sector is booming. A report last week by industry body Tech Nation revealed the sector in Scotland generated almost £4bn in revenues last year.