Wednesday, June 29, 2022
BusinessBusiness angels say they are key to economic recovery as they post...

Business angels say they are key to economic recovery as they post record investments

Equity Gap leaders
Equity Gap’s Jock Millican and Fraser Lusty (image supplied)

An award-winning investment syndicate is marking ten years in business and posting record investment figures to celebrate.

Equity Gap say that angel investment firms like theirs are the future for economic recovery post Covid-19

The firm itself has certainly met the challenges of the pandemic head on, completing 22 investments in the first half of 2020, with total member funds invested since inception topping £20 million.

In June, it added Aberdeen-based green tech start-up, Trojan Energy to its portfolio as the firm secured a £4.1 million round of seed funding to support the roll-out of its on-street flat and flush electric vehicle (EV) charging points.

Having grown from 15 to 150 members since inception, the firm’s portfolio of over 30 early stage start-ups has created over 400 jobs, primarily in Scotland, across a range of sectors including consumer product, food and drink, life science and SaaS.  

But, as the UK officially moves into recession, Equity Gap’s directors believe entrepreneurs and new businesses must play a significant part in rebooting the economy by creating employment opportunities, fuelling growth and driving future prosperity.

Jock Millican Equity Gap
Jock Millican is optimistic about the firm’s future (image supplied)

Jock Millican, founder and director of Equity Gap and also Chairman of the LINC Scotland angel capital association, said: “We have worked hard to ensure continuity of business and investment through an unsettling time and this is reflected in our half year figures.

“With a healthy pipeline of new investments, Equity Gap is well placed to continue to support young businesses through angel investment.

“It has never felt more important to support these fledgling organisations as we rebuild our economy.”

Fraser Lusty, director, who joined Equity Gap shortly after it was established, added: “We have long been impressed by the quality and innovation delivered by our portfolio companies, but to see how many of these organisations have risen to the extraordinary challenges presented by the Covid-19 pandemic is nothing short of inspiring.

“Many of these firms have been able to pivot activity to focus on helping their own customers survive the breakneck shift online. 

“The future has many uncertainties, but we are confident that we will further develop our own digital technologies to support our membership and portfolio.”

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