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Scottish Co-Investment Fund

Are you a Scottish high growth potential start-up, early-stage or growing company seeking investment to develop products and/or markets? We can match fund accredited investment partners to support your growth plans.

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Aero-Den is a US syndicate looking for developing technology preferably at the second stage of the investment cycle.

Investment level From $100,000 to $1million
Contact Douglas Cribbes
Email douglascribbes@hotmail.com opens in a new window
Stage Start-up/early
Other criteria Aero-Den deals will generally be in Europe, USA and Canada and will be focused in developing technologies.
Company background An angel investment group, Aero-Den are interested in developing technologies that the group feel they can financially support and guide the product to market.

An investment syndicate based in Aberdeen. It makes investments into businesses with high growth potential.

Investment level Typically £75,000 to £500,000 in any one round. Alba Equity are happy to lead investments and to co-invest with other groups.
Contact John Duncan
Email john@albaequity.com opens in a new window
Website albaequity.com opens in a new window
Stage Primarily start-ups, seed investments and early-stage companies but will also consider opportunities with more mature companies.
Other criteria In addition to investment, Alba Equity aims to add value to and support its investee companies through its membership and network.
Company background Alba Equity was formed in 2019 and aims to support companies with exceptional management teams and propositions to achieve their growth aspirations and potential.

Archangel Investors focus on start-up and early-stage businesses from all sectors, with the exception of property, retail and leisure.

Investment level £50,000 - £2 million. Scotland only - central belt preferred. Must have high growth potential and global application.
Contact David Ovens
Email investment@archangelsonline.com opens in a new window
Website www.archangelsonline.com opens in a new window
Stage Start-up/early
Company background

Scotland’s oldest business angel syndicate, Archangel Investors was originally formed in 1992.

Based in Edinburgh, the syndicate now comprises around 120 investor members and is investing around £10 million per year in early-stage Scottish companies.

Invests in the technology sector.

Investment level Up to £500,000
Contact Jim Reid
Email Chimaerabio@hotmail.com opens in a new window
Stage Start-up/early
Company background The ChimaeraBio Investment Partnership was formed in August 2000 by Jim and Karen Reid. ChimaeraBio partners have a vast range of experience in the Biosciences business, market development, and international marketing. Due to their extensive connections and previous work with companies worldwide such as Roche, Chiron and Organon, ChimaeraBio has developed the skills, knowledge and level of investment needed in order to optimise the growth of any business. ChimaeraBio will provide a flexible and proactive approach to funding, the focus being to nurture your business enabling optimal growth. The group successfully exited from Qnostics in 2006 and Haptogen in 2007.

A syndicate used to co-investing alongside others, also an experienced lead investor. Discovery are interested in early-stage to existing revenue generating companies across all sectors.

Investment level £75,000 - £300,000
Contact Julie Findlay
Email julie.findlay@discoveryinvestmentfund.co.uk opens in a new window
Website www.discoveryinvestmentfund.co.uk opens in a new window
Stage Early-stage to existing revenue-generating companies
Company background

Founded in 2006, Discovery Investment Fund is a privately funded venture capital business with widespread investment interests and a board with a diverse knowledge in many sectors. 

Its aim is to offer expertise and connections to add value, develop and nurture new and growing businesses all over Scotland, ensuring that all invested money is ‘smart money’.

Downing are willing to be the lead investor or to participate in a syndicated transaction.

Downing invests in UK businesses in the following areas:

  • Growth capital (companies with a turnover of over £1 million and outstanding opportunities for growth)
  • Asset-backed trading businesses (e.g. hotels, care homes, pubs, data centres, etc)
  • Property finance (construction funding for development projects)
  • Public equity (UK micro-cap, UK equity income and global multi manager)
  • Renewables/energy infrastructure (solar, wind, AD, reserve power, etc)
  • Ventures (early-stage technology businesses – either with or pre-revenues)
Investment level £500,000 to £10 million (amounts depends on deal type)
Contact Louisa Welsh
Email investment@downing.co.uk opens in a new window
Website www.downing.co.uk opens in a new window
Company background Downing LLP is a London-based investment management firm. It helps UK businesses grow by investing in them via its range of venture capital trust, enterprise investment schemes, inheritance tax, individual savings account and open-ended investment company products.

EOS are looking for businesses with ambitious founders, unique and protectable products or services, global market potential and clearly identifiable exit opportunities.

Investment level Between £50,000 to £500,000 in any one round.
Contact Kevin Grainger
Email kevin@EOS-tech-investors.com opens in a new window
Website eos-advisory.com opens in a new window
Stage Immediately pre-and post-revenue
Other criteria EOS Technologies are keen to add value through its knowledge and expertise to companies that it invests in. EOS is happy to be the lead investor or to syndicate with other investors for larger rounds. Their investment focus is to provide initial seed funding to early-stage, science and technology ventures.
Company background Based in St Andrews, Scotland, the EOS Technology Investment Syndicate (“EOS”) is an entrepreneurial-led private angel syndicate looking for exciting opportunities from early-stage science and technology businesses.

A leading international venture capital firm, Epidarex Capital lead investments in early-stage life science and health technology companies.

Epidarex invest in all areas of health science including biotechnology, medical devices and pharmaceuticals, personalized medicine and diagnostics – in addition to healthcare IT and services.

They target transformative opportunities launched in under-ventured regions of the UK, where there are strong research institutions and a developing ecosystem of talent and capital.

Investment level Epidarex leads or co-leads investments in company funding rounds totalling up to £10 million, syndicating with other funds.
Contact Sinclair Dunlop
Email info@epidarex.com opens in a new window
Website www.epidarex.com opens in a new window
Stage Start-up/early stage or SMEs seeking their first institutional funding round, and place a particular emphasis upon innovations ‘spun out’ of universities.
Company background

The fund’s early stage focus is supported by diverse investors, including Pharmaceutical company Eli Lilly, four top research Universities, the European Investment Fund, Scottish Enterprise and Strathclyde Pension fund.

Epidarex’s close working relationship with leading research universities provides access to some of the most innovative healthcare start-ups, including those specialising in novel drug development.

Equity Gap invests in all sectors – excluding property and retail – with a preference for businesses based in Scotland.

Investment level Equity Gap typically invests a minimum of £100,000 and maximum of £500,000 at initial or seed investment stage. If other angel investors or syndicates have already been secured, the syndicate is happy to co-invest and may be more flexible on the maximum sum.
Contact Enquiries team
Email enquiries@equitygap.co.uk opens in a new window
Website www.equitygap.co.uk opens in a new window
Stage Immediately pre-and post-revenue
Company background A group of private individuals, Equity Gap were set up to invest in and support emerging and growing businesses.

Mainly involved in high-tech projects looking for investment at the pre-start, start up and proof of concept stages, the syndicate will look at non-tech companies but these must have a distinct and demonstrable USP.

Investment level Generally investment will be in the area of £60,000 - £120,000 for early stage companies. Will look at co-investing with other Scottish Investment Bank partners. Can act as lead investor or work with other syndicates as part of a larger deal.
Contact Gillian MacAulay
Email g.macaulay@gabriel-is.com opens in a new window
Website www.gabriel-is.com opens in a new window
Stage Pre-start, start-up and proof of concept
Company background

An angel syndicate and business incubator, Gabriel Investments invests in pre-start and start-up businesses.

The concept behind Gabriel is to take young businesses with an idea, business model or product in its early stages and inject funds to help take it to market.

Typically investing in businesses that demonstrate growth potential, ambition and scalability – Gabriel also offers ancillary services. These include physical space, business planning, financial projections, marketing strategy, administrative and secretarial support.

By the end of the six to nine month incubation process, the business will be ready for market.

High Venture Capital invest at any stage of a company’s development from start-up and early investment, to being part of a syndicate of syndicates to support later-stage investment.

Investment level Deal range: £75,000 - £500,000. Scotland only - Highlands and Islands preferred.
Contact Iain Scott
Telephone 01463 712588
Email iain@highvc.co.uk opens in a new window
Website www.highvc.co.uk opens in a new window
Stage Start-up/early
Company background

Formed in 2006, Highland Venture Capital comprises seven successful businessmen from a wide range of backgrounds. 

Currently, the Syndicate currently comprises around 40 investor members but is actively seeking to increase its membership. 

HVC is happy to invest alone, and/or to co-invest alongside others, both in the first round and/or subsequent rounds of funding. 

HVC offers a flexible and proactive funding option, focused on supporting your business to grow.

IP Group are interested in biotech, cleantech, healthcare and technology.

Investment level TBA
Contact Contact head office +44 (0) 20 7444 0050
Email enquiries@ipgroupplc.com opens in a new window
Website www.ipgroupplc.com opens in a new window
Stage Early stage to mature
Company background

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses.

The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital, networks, recruitment and business support.

IP Group has a strong track record of success and its portfolio comprises holdings in over 90 early-stage to mature businesses across four main sectors - biotech, cleantech, healthcare and technology.

London & Scottish Investment Partners is a syndicate used to co-investing alongside others, also experienced lead investor.

Investment level Up to £1 million
Sector All sectors considered
Contact Annie Simpson
Email annie@lsip.co.uk opens in a new window
Website www.lsip.co.uk opens in a new window
Stage No start-ups, ideally companies trading for 2-3 years, solvent and with existing revenue with exit potential with 3-4 years.
Other criteria

MBOs welcomed. Family companies looking for succession, or to realise some of their wealth. Companies with external investors. Companies looking to move to next level, realise entrepreneurial wealth, looking for additional funding, looking for management support and/or enlivenment, companies seeking management/ founder change.

Company background

Established in 2014, London & Scottish Investment Partners are a Scottish-based angel group supported by investors from London and Scotland.

Their aim is to add expertise, experience and money alongside hands-on management support and fresh strategic business plan – creating growth and value accelerator for SMEs, taking them to the next level.

Maven work to identify and help support entrepreneurial drive in businesses.

Maven do not invest in pre-revenue – but are open to investing in companies in the following sectors:

  • Chemicals and materials
  • Communications
  • Construction and building products
  • Electronics, energy and engineering
  • Financial services
  • Industrial automation, industrial products and services
  • Information technology hardware and internet technology
  • Leisure and entertainment
  • Manufacturing
  • Media and photography
  • Medical/health related
  • Other consumer related
  • Retail
  • Services
  • Software and computer services
  • Transportation industries
Investment level Up to £1.5 million
Contact Andrew Craig
Email andrew.craig@mavencp.com opens in a new window
Website www.mavencp.com opens in a new window
Stage Does not invest in pre-revenue
Company background

Operating from six regional offices, Maven Capital provides equity finance for established entrepreneurial SME businesses, where the enterprise value is between £5 million and £25 million. 

The investment is usually to support an MBO, acquisition, expansion or a buy-and-build strategy, typically providing equity finance of £1 million to £10 million. Invest only in businesses where management teams demonstrate a drive to succeed.

Mercia is a proactive specialist asset manager focused on helping regional businesses to achieve growth through venture, debt and private equity. They provide regional fast-growth small-to-midsized enterprises (SMEs) with capital to help them scale and flexible funding to meet their immediate needs. Mercia also provides the insight, experience and commitment needed to ensure that everyone invested in this journey grows together.

Investment level £100,000 to £10 million
Contact Henley-in-Arden office (main office)
Email enquiries@mercia.co.uk opens in a new window
Website www.mercia.co.uk opens in a new window
Stage Seed through to Series B
Other criteria Tax reliefs with Mercia EIS Funds and Northern VCTs.
Company background

Learn more about Mercia's backgroundopens in a new window  on the company website.

Par Equity combine Par EIS Fund capital with investment from a large base of Par Syndicate professional investors.

Investment level Their typical deal size is £500,000 plus, preferably as lead investor – and they are happy to consider syndicated investments and have previously co-invested with both local and international investors to close deals of up to £5 million.
Sector Venture capital across a broad spectrum of technology (excluding biotech). Management should be focused on delivering a capital return to investors within a three to eight year time horizon.
Contact Robert Higginson
Email robert.higginson@parequity.com opens in a new window
Website www.parequity.com opens in a new window
Stage Immediately pre-and post-revenue
Other criteria Par Equity is particularly interested in businesses where its Advisory Panel can add value.
Company background An Edinburgh-based venture capital firm with a distinctive investment proposition, Par Equity bring both financial and intellectual capital to bear to identify and support innovative companies with high-growth potential and global ambitions.

TRI Capital invest in all sectors – excluding property and retail – with a preference for East Central Scotland and the Scottish Borders.

Investment level Total deal size is £250,000 to £1 million in a first round, primarily as a Lead Investor working alongside other syndicates and Scottish Enterprise.
Contact Kathy Kinder
Email kathy.kinder@tricapital.co.uk opens in a new window
Website www.tricapital.co.uk opens in a new window
Stage Start-up/early stage/growth
Other criteria TriCapital has a large pool of experienced members and other business contacts. It's seeking to appoint a non-executive director who can add value to investee companies.
Company background

A business angel syndicate with around 60 members, TriCapital was based initially in the Border counties but has now extended to central Scotland and beyond.

Operating since 2004, TriCapital currently has around 50 high-net-worth members investing in a range of opportunities.

It has invested £11 million in over 30 early stage companies as part of syndicated deals of more than £65 million. 

They invest widely with other partners, as well as alongside Scottish Enterprise with which they have a long-standing and fruitful relationship.

Kelvin Capital looks to deploy ambitious business capital into companies with global ambitions. Can source and syndicate with other investors.

Investment level Typical deal size is £0.5 million to £2 million. Can source and syndicate with other investors, bringing deals of over £10 million together. It prefers to lead deals, bringing the most value to the business that way.
Sector A generalist investor looking to its network of members and contacts to help diligence opportunities.
Contact Susie Fisher or Lynn Hall
Email theteam@kelvincapital.com opens in a new window
Website www.kelvincapital.com opens in a new window
Stage Seed to Series A - likes to invest once companies have proved they have customers willing to buy products/services.
Other Criteria Team is the key to its investment decisions. From its network, Kelvin Capital look to bring in exceptional NXDs who can turbocharge the business. Most recently, Justin King, ex CEO Sainsburys, joined one of its portfolio companies, Snappy Shopper and Derek Mathieson, ex CMO of Baker Hughes, joined Novosound and Logan Energy.
Company background Based across Scotland, it looks to deploy ambitious business capital into companies with global ambitions, using its deep network of contacts.

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