British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, has committed up to £10m to Eos Advisory via its Regional Angels Programme.
The funding will be allocated to invest alongside Eos’ Angel Syndicate and EIS Innovation Fund.
The St Andrews-based impact investment firm backs companies in the science, engineering and technology sectors, aimed at addressing societal and environmental challenges.
Its investment strategy focuses on early-stage equity investments across four key areas: disease diagnosis, prevention and treatment; energy security, climate change and pollution; food and water security; and sustainability of industrial processes.
Andrew McNeill, managing partner at Eos, said: “The British Business Investments commitment will enhance our ability to back some of Scotland’s most exciting early stage science and technology companies.
“We are already bringing this relationship to life, with recent investments into Bioliberty and Dxcover, and are in conversations about a strong pipeline of opportunities.”
Judith Hartley, chief executive at British Business Investments, said: “The Regional Angels Programme plays a vital role in developing the early-stage funding ecosystem across the UK nations and regions, bringing together finance, business experience and skills to support the development of high-growth smaller businesses.
“By investing alongside Eos’s Angel Syndicate and EIS Innovation Fund, this £10m commitment will support early-stage science and technology companies in Scotland and across the UK.’’
Eos added to its portfolio and team following a record year of activity in 2022.
It now has 19 investee companies, with the latest investment in Edinburgh-headquartered robotic rehabilitation start-up Bioliberty during the first quarter.
The latest hire was Jill Arnold, former head of SIS Ventures, as investor relations director.
Eos’s portfolio includes Carcinotech, Chromacity, Cumulus Oncology, Dxcover, Nth, Green Bioactives, GM Flow, ILC Therapeutics, Naturbeads, Novosound, Penrhos Bio, RAB Microfluidics, Rooser, Waire Health, Wobble Genomics and Xelect.
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