Figures from Scotland’s national association for business angels show that the number of investments fell slightly to 91 from 94 in 2023-24, but the value of private capital committed increased from £100.6 million to £106.4m, reflecting an increasing average deal size. Public sector co-investment provided a further £25.6m.

There was a wide range in the value of individual deal sizes from around £20k to over £4m.

The support was heavily focused on companies with proprietary intellectual property in key technology sectors, with life sciences / health, digital / software, and enabling technologies such as photonics, accounting for almost two thirds of the total.  The energy, renewable and environmental sectors also continued to grow.

Geographic distribution was nationwide including Highlands & Islands and Southern Scotland, but the national hotspot continued to be Edinburgh and Lothian.

Further insights into the angel investment landscape, including updated data from Angel Capital Scotland, will be presented at the Young Company Finance Conference 2025, where ACS returns as lead sponsor.  The event will also explore the evolving mix of finance available to early-stage and scaling companies across Scotland.

David Grahame, executive director at Angel Capital Scotland, commented: “Business angels necessarily take a long-term view rather than overreacting to current events and it is good to see our members actually further increasing their commitment to supporting Scotland’s most exciting young companies, many of whom are showcased at the YCF Conference.  At the same time, the increasing range of institutional and other co-investors is an encouraging sign of a maturing ecosystem.”