Tricapital: Scots syndicate leads £3m-plus deals and unveils key hire
“We are seeing increasing quality and ambition from founders across Scotland” – Moray Martin, chairman
Angel syndicate Tricapital has led a series of fresh investments totalling more than £3 million as it focuses on critical areas such as the industrial transition and ocean technology.
In little over two years, the syndicate’s members have invested £6.8m of personal capital, matched by Scottish Enterprise and leveraged into more than £40m of total investment supporting early-stage Scottish businesses.
In its latest move, Tricapital has completed investments in HonuWorx, Kaly and Sisaltech, while also announcing the appointment of ocean technology entrepreneur and investor Mogens Mathiesen as strategic adviser.
The latest investments involve £506,000 of backing for subsea robotics specialist HonuWorx, £430,000 for sustainable seaweed business Kaly and £620,000 for low-carbon insulation manufacturer Sisaltech.
Recent portfolio successes include HonuWorx securing its first Nato contract through the defence innovation accelerator for the North Atlantic programme, while Sisaltech continues to scale production of natural fibre insulation products and Kaly expands its island-based seaweed supply chain.
Meanwhile, newly appointed Norwegian entrepreneur and investor Mathiesen is said to bring extensive experience across ocean technology, maritime sustainability and industrial innovation, having previously co-founded Arundo Analytics and helped scale the business to more than 100 employees, alongside senior roles with Hub Ocean, the World Economic Forum’s ocean innovation centre in Norway. He currently leads consultancy and investment business Qinetic and serves as a strategic partner at Investigate VC.
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Moray Martin, chairman of Borders-based Tricapital Angels, said: “Across each of these investments there is a common thread - backing ambitious businesses developing practical solutions to major global challenges.
“Whether it is subsea autonomy, sustainable construction materials, or marine biotechnology, these companies are building technologies and capabilities with significant long-term potential.
“We are seeing increasing quality and ambition from founders across Scotland, particularly in sectors where the country has genuine industrial strengths and global relevance. The momentum we have built over the last two and a half years reflects both the confidence of our members and the strength of the opportunities coming through the pipeline,” he added.
Mathiesen said: “What attracted me to Tricapital Angels is the quality of the companies being supported and the syndicate’s clear focus on innovative businesses with real industrial and societal impact.
“The portfolio reflects many of the sectors where Scotland has a natural advantage, particularly in ocean technology, energy, sustainability and applied engineering. There is a strong opportunity to help more of these companies scale internationally and connect them into wider industrial and investment ecosystems.”
He added: “I’m looking forward to supporting Tricapital as it continues to grow its network, reach and impact.”
Tricapital Angels is one of the best-known business angel investment networks based in Scotland and is dedicated to supporting innovative and high-growth businesses across various sectors. With a focus on early-stage ventures, the syndicate is said to “combine financial investment with strategic guidance to help companies scale and achieve their potential”.
Tricapital was founded in 2004 as Tweed Renaissance Investors Capital, with its members taking a particular interest in investments based in the Scottish Borders.
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