Angel syndicate

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Equity Gap

GBB2B SaaSHealthtechClimateFintechDeep TechBio/PharmaConsumerEnterprise

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Investment thesis

Equity Gap is an Edinburgh-based angel investment syndicate established in 2010 to match private investors with early-stage, high-growth companies — primarily based in Scotland. The syndicate targets businesses that are often pre-revenue but have a validated product or service, ideally eligible for SEIS/EIS advance assurance. Members typically invest between £100,000 and £500,000 into ordinary shares at initial or seed stage, co-investing alongside other angel groups, Scottish Enterprise's Co-Investment Fund, and the Scottish National Investment Bank to support larger scale-up rounds. Equity Gap focuses on businesses using technology to solve next-generation problems such as climate change, access to healthcare, and inclusion in the digital economy — spanning sectors including life sciences, SaaS, food and drink, clean tech, and industrial technology. Beyond capital, the syndicate provides pitch coaching, mentoring, board-level input, and exit planning support throughout the investment lifecycle. With over 150 active members and more than £200m leveraged into portfolio companies since inception, Equity Gap aims to be a pivotal force driving economic growth and innovation within Scotland's entrepreneurial ecosystem.

Notable quotes

Investing £3.6m during 2019 came on the back of a record year in 2018. Our successful co-investment partnerships with other business angel syndicates and support from the Scottish Investment Bank, continue to evidence a positive funding environment, and the availability of capital for scale-up opportunities across a wide range of sectors in Scotland.

Jock Millican · UKBAA Blog – 'Equity Gap hails another strong year in 2019' · 2020-02-10

My immediate focus for Equity Gap is to develop new strategic relationships, open up new capital opportunities and partnerships, and attract significant new investors to Scotland to create jobs in sectors where tech-led disruption has a key role to play.

Fraser Lusty · Daily Business Magazine – 'Interview: Fraser Lusty, Equity Gap' · 2023-06-01

It is important to us to continually look at ways in which we can more effectively interact with and attract a more diverse investor base. This year, on the back of our UK Business Angels Association most active regional investor award, we have been fortunate to see good organic investor growth from a variety of new geographies, including Germany, USA and Australia.

Fraser Lusty · UKBAA Blog – 'Equity Gap hails another strong year in 2019' · 2020-02-10

Recent investments

CompanyRoundSizeDate
EnteroBiotixSeries A / Follow-on$34m2024-04
AmiqusSeed2019
SunampSeries A$6m2018
Mocean EnergySeed
Vector PhotonicsSeed
My1LoginSeed
AppointeddSeed
MiAlgaeSeed
SynaptecFollow-on2019
InterpacSeries B2026

Frequent co-investors

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