Scottish investment syndicate reaches £25 million milestone


A SCOTTISH investment company has reached a business milestone.

Equity Gap has reached an investment total of £25m following its most successful year to date.

The Edinburgh based syndicate matches investors with entrepreneurs who are looking for early-stage business funding.

Jock Millican and Fraser Lusty
Equity Gap Founder and Director’s Jock Millican and Fraser Lusty.

The angel syndicate aims to make investing accessible and enjoyable for its members through collaboration and its peer network.

Since its launch in 2010, the angel syndicate has secured additional funding of over £100 million for investee companies.

These investments have helped create over 500 jobs in Scotland and contribute around £20 million to the Scottish economy each year.

Leah Hutcheon, founder of Equity Gap portfolio company Appointedd, said: “Pitching to Equity Gap’s diverse board of investors has always made us feel at ease and we really appreciate the help and support we get from collaborating with such a varied portfolio of companies.

“We have been particularly impressed by the work Equity Gap does to encourage networking and cooperation between its portfolio companies.”

During 2021, Equity Gap members invested £4 million across 28 funding rounds. This secured a total funding of £34 million for investee companies.

Recent investments show a growing interest in sustainability-driven businesses. With 90% of new companies funded by Equity Gap in the past two years operating in the clean tech sectors or offering new solutions in healthcare.

Key funding partners include Scottish Enterprise, SIS Ventures, Alba Equity, Archangels, Kelvin Capital, Par Equity, Foresight Group and, for the first time, the Scottish National Investment Bank.

Equity Gap recently completed a positive exit with the trade sale of subscription management software, Spoonfed. The trade sale to 365 Retail Markets, delivered returns for 31 of the syndicate’s members.

Fraser Lusty, Equity Gap director, commented: “2021 has seen outstanding progress from companies across our portfolio, culminating in the Spoonfed exit.

“We already have a strong pipeline of commercial traction and fundraising to build on this success in 2022 and beyond.”

Equity Gap moves into the new year with eight long-term funding rounds due to be completed in the first quarter, at a value of over £10 million.




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