Angel Capital Scotland appoints new chair
Angel Capital Scotland (ACS) has appointed a new board of directors, with Niki McKenzie, joint managing director of Archangels, taking on the role of chair.
She brings more than 14 of experience with Archangels, having joined in 2011 after spending 16 years in banking and structured finance with KPMG and Lloyds Banking Group. As a chartered accountant, McKenzie has overseen numerous investments across Scotland’s technology and life sciences sectors and provides strategic guidance to portfolio companies. She currently serves on the board of St Andrews Innovation, the commercialisation subsidiary of the University of St Andrews, and is a trustee of National Museums Scotland.
Joining her on the board are Lynne Cadenhead, chief operating officer at TriCapital Angels and chair of Women’s Enterprise Scotland; Fraser Lusty, managing director at Equity Gap; and professor Niall MacKenzie, head of the Hunter Centre for Entrepreneurship, Strategy and Innovation at the University of Strathclyde.
The board transition sees Jock Millican step down as chair after 14 years, during which he oversaw the transition from LINC Scotland to Angel Capital Scotland and the appointment of Margaret Morton as the new organisation’s first chief executive in September.
“Scotland’s angel investment community has built a world-class reputation, but we need to do more to articulate the impact of our ecosystem and continue to attract new investors,” said McKenzie. “With Margaret’s leadership and this exceptional board, we’re well-positioned to demonstrate the vital role angel investment plays in Scotland’s economy and to ensure our high-growth companies continue to access the capital they need to scale.”
Morton commented: “This board brings together deep expertise across angel investment, entrepreneurship and economic research – their collective experience will be invaluable as we work to strengthen Scotland’s position as a leading angel investment market.
“I want to thank Jock for his significant contribution over many years and support during a pivotal period for our organisation – his leadership has been instrumental in establishing Angel Capital Scotland on firm foundations, and we’re grateful for his years of service.”
Scotland has one of the world’s most developed angel investment networks, comprising around 2,000 individual investors across 15 to 20 angel groups.
In the year ending March 2025, deals led by ACS members unlocked private sector investment of £106m across 91 investments and leveraged £25.6m of public sector investment; totalling £132m. Of the 22 rounds of investment greater than £5m in 2024, more than half were supported by ACS member groups.
