Angel syndicate Tricapital's record year provides backing for 500 Scottish jobs

Tricapital Angels has completed 18 deals over the past 12 months, with its high-net-worth members pumping more than £3.5 million of their own money into some of the country’s most innovative companies. That investment has leveraged close to £30m of investment overall, including £3.1m from Scottish Enterprise, and helped to create or secure in excess of 500 jobs in sectors such as artificial intelligence (AI), biotechnology and renewable energy.

Moray Martin, chief executive at Borders-based Tricapital Angels, said: “This has been a landmark year - our 20th anniversary. The growing ticket size and the number of investments we are now able to complete demonstrates our commitment to supporting Scotland’s entrepreneurial talent and to fostering growth in high-potential businesses.

“By backing these innovative companies, we are not only delivering investment opportunities for our members and co-investors but also playing a crucial role in Scotland’s economic development and job creation.”

He said the past year had seen notable milestones achieved by the syndicate’s investments, including product launches, international market entries and significant revenue growth.

Recent deals include a seven-figure investment in Aberdeen-based HonuWorx, which aims to reduce costs and emissions for offshore repair and inspection through its fleet of autonomous, all-electric submarines.

Energy-sector innovator H2CHP secured £600,000 to advance its revolutionary “free-piston” engine technology, said to be capable of generating power without emitting carbon. Meanwhile, a follow-on £300,000 investment in Skye-based Kaly Group will help the seaweed farming business expand its operations and establish a sustainable supply chain along Scotland’s west coast.

The syndicate also led a £300,000 investment into start-up venture Trademylux, a platform business designed to create liquidity in the pre-owned luxury goods market. The platform, which initially has been focusing on art works in the £5,000 to £100k valuation range, connects buyers and sellers, managing all aspects of the transaction. Further notable investments include Aveni, which is delivering AI-powered customer service platforms.

Martin added: “Each of these companies exemplifies the innovation and entrepreneurial spirit that Scotland is known for. Our syndicate is proud to be a part of their journeys, providing not just financial backing but also strategic support to help them scale their operations and accelerate towards their ambitions.”

The syndicate said it would continue its focus on growth sectors such as renewable energy, healthcare innovation and digital technology. With a “robust pipeline of opportunities” and a growing network of investors in Scotland and beyond, it is confident that it can build on its record-breaking success in the years to come.

Martin said recruitment of investors would be an integral part of Tricapital’s growth strategy. It currently has around 80 members.

“As we enter our third decade on a strong growth trajectory, we are more committed than ever to backing Scotland’s brightest ideas by ensuring they have the support and guidance they need to succeed on a global scale,” he added.

It comes as it emerged that start-up tech companies participating in the Scottish Government’s Techscaler accelerator programme have raised more than £118m of capital investment in the past two years.