Legal firm joins angel syndicate and makes first investment

Left to right are Jock Millican of Equity Gap and Bruce Farquhar of Anderson Strathern (by Stewart Attwood)
Left to right are Jock Millican of Equity Gap and Bruce Farquhar of Anderson Strathern (by Stewart Attwood)

Scottish legal firm Anderson Strathern has joined angel syndicate Equity Gap and made its first investment in Glasgow-headquartered Energy sector instrumentation specialist Synaptec. 

Anderson Strathern’s new investment vehicle, AS Capital, plans to make further investments alongside Equity Gap, the Edinburgh-headquartered angel firm that has led total investments of approximately £50 million since being founded in 2010.  

Anderson Strathern’s Chair, Bruce Farquhar, said: “We are an innovative legal firm having advised high growth companies over the years on their various funding rounds and our move now into early stage investment is an exciting next step.  We are keen to promote ambitious high-growth companies and our involvement as an investor will lead to both the possibility of capital gains on exit while, just as importantly, enhancing our ability to advise on investment transactions for other companies.”  

“The energy and renewables sectors are areas of particular strength at Anderson Strathern and we’re excited about Synaptec’s market credentials, outlook and next phase of growth. We know the Equity Gap team well, have worked alongside them for a number of years and are really pleased to have formally joined the syndicate. We already have a number of other deals which we are actively considering.”

Jock Millican, Director at Equity Gap and Chairman of LINC Scotland, said: “Anderson Strathern has a strong reputation in corporate dealmaking, with a keen understanding of the SME sector in Scotland. We were delighted when they approached us with a view to participating in Equity Gap syndicate investments. As far as I am aware, there is no other law firm in Scotland investing in angel syndicate deals of this type and it is great to see a firm of lawyers being willing to promote high growth Scottish companies in this way.  We see this as a natural fit for Equity Gap, our members and our portfolio. ”  

Synaptec recently secured second-round funding of £2.9 led by Foresight Williams Technology EIS fund, Equity Gap, the Scottish Investment Bank and the University of Strathclyde as the company plans to scale-up production, grow international sales and further develop its data analytics capability.  

Synaptec counts a number of major utilities among its customer base and the company’s Founder and Managing Director Philip Orr has said that the investment reflects “the drive of the Scottish Government to make Scotland a global player in the energy sector.”  He added: “The commitment shown by all of our investors has been overwhelming and represents an exciting new phase of growth and development for Synaptec that will enable us to make a positive and lasting impact on the global energy transition.”

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