Investing In Scotland Grows In 6 Months to June 2020


Investment by LINC (the Scottish Angel Capital Association) members increased from £7.84m (41 deals) to £15.27m (58 deals) in the first six months of 2020 compared to the same period in 2019.

In addition to the £15.27m invested in the period by LINC members, their deals attracted an additional £14.60m from private co-investors, and £11m from Public co-investment funds. So a total of £40.87m into those 58 deals.

All LINC members are Business Angels – so not Venture Funds of crowed investors.

Many of these deals were of course in the pipeline before COVID issues hit, and the majority of the investments went into existing portfolio companies (typical of a mature angel market).  It may be anticipated that the second half of the year will be more challenging for companies seeking funding, especially ‘new’ companies seeking their first external Angel funding.

(data source – LINC Scotland).

Scottish Angels Hit Record High in 2017




2017 saw the value of investment deals done by members of LINC Scotland, the National Business Angel Association, reach a new record.  The members, who mostly participate through the twenty or so structured Angel groups based in Scotland, invested £40.28m ($56.89) in 87 deals, alongside £13.5m of public funding, mostly from the Angel Co-investment funds run by the Scottish Investment Bank arm of Scottish Enterprise.

The Director of LINC David Grahame commented that  “It’s very encouraging that, even with all the financial and political uncertainty of recent years, Scotland’s Angel investors have not just maintained but increased their support for emerging high potential businesses right through the economic downturn.  In fact, these 2017 figures bring the total committed by our members since 2008 to over a quarter of a billion pounds ($355m).

LINC Scotland has a membership comprising both individual Angel investors and most of the Scottish based Angel groups. Details of the members can be found  here:

LINC itself is a not-for-profit private body and has the dual purpose of representing its members in Edinburgh, London and Brussels as well as supporting the overall development of the Business Angel marketplace in Scotland.  This work is supported by a range of private sector sponsors and public sector economic development bodies such as Scottish Enterprise and the European Regional Development Fund.

Contact:   or +44 (0)141 221 3321

Nelson at the Peru VC Conference June 2017


A fantastic experience talking at the Perue VC Conference – Amazing people and a fantastic location for the event

The Queen’s Award for Enterprise Promotion 2015


The Queen's Award for Enterprise Promotion 2015“I am extremely moved to have receive such an important and prestigious award”

The prestigious Queen’s Award for Enterprise Promotion has been awarded to Nelson Gray, a renowned angel investor and board member of LINC Scotland, the national association for business angels in Scotland.

The Queen’s Award for Enterprise Promotion, recognises individuals who have played an outstanding role in promoting the growth of business enterprise and/or entrepreneurial skills and attitudes in others. It is part of The Queen’s Awards for Enterprise. adobe cloud day-trips . HM The Queen bestows the Award on the advice of the Prime Minister who is assisted by an Enterprise Promotion Assessment Committee.

As an active business angel, Nelson has directly provided numerous start-up and early stage entrepreneurs with funding, support and mentoring.  He has also been a key player in the development of a vibrant business angel community in Scotland, and in helping the LINC model achieve widespread international recognition and adoption.

Speaking on behalf of Scotland’s angel community, David Grahame the Executive Director of LINC Scotland says everyone involved in angel investing is hugely pleased to see Nelson’s contribution recognised with a Queen’s Award. “Over the years Nelson has been a superb champion for the angel community in this country and his activities overseas both for LINC Scotland and as a GlobalScot have helped angel groups around the world set up networks based on the Scottish model.”

Sandy Kennedy, chief executive of Entrepreneurial Scotland added that Nelson’s broader contribution to promoting entrepreneurship has also been significant.  “Nelson is passionate about supporting young people and he was a founding member of the Scottish Institute for Enterprise, set up to help students in Scotland discover their entrepreneurial talent, as well as a long serving board member of The Entrepreneurial Exchange.”