Equity Gap

Individual members make their own investment decisions on a deal-by-deal basis. The central team — led by Managing Director Fraser Lusty and Senior Investment and Portfolio Manager Rhona Bree — sources, vets, and presents opportunities, but each angel investor chooses whether to participate. Founder Jock Millican serves as Non-Executive Chair and guides the syndicate's overall strategy alongside a board that includes two non-executive directors from operational backgrounds.

The syndicate draws most of its pipeline from Scotland's university spin-out ecosystem, government enterprise agencies such as Scottish Enterprise, and referrals from its 150-member investor base. Portfolio companies like EnteroBiotix, a microbiome therapeutics firm that raised £19m for a Phase 2b trial (per the firm, May 2026), illustrate the mix of deep-science and commercial ventures sourced through this local-network model.

Neither. It is an angel investment syndicate — a membership organization where individual high-net-worth investors commit capital to specific deals through a shared platform of administration and due diligence. Unlike a venture firm, it raises no institutional fund; unlike a family office, there is no single source of wealth or pooled LP vehicle. The structure is closer to a curated angel group that centralizes deal management and compliance.

Equity Gap makes direct early-stage investments into operating companies and does not commit to external funds. The syndicate’s role is to present individual company opportunities to its members. Co-investment alongside other angel groups or early-stage funds in Scotland does occur, but the syndicate does not operate as a fund-of-funds.

The syndicate targets early-stage companies, typically seed and Series A rounds, with some growth-stage follow-on participation within its existing portfolio. Its total deployment of over £70m across 30-plus companies reflects this early-stage emphasis, with most companies based in Scotland and spanning life science, SaaS, food and drink, and clean tech.

Founder Jock Millican chairs LINC Scotland, the national trade association for angel capital in Scotland. This relationship positions Equity Gap at the center of Scottish angel policy and deal-sharing, though the syndicate operates independently. Millican’s dual role helps Equity Gap influence the broader early-stage funding environment while accessing a network of fellow angel groups for co-investment and deal referrals.

Equity Gap does not maintain a separate philanthropic foundation. It is a company limited by guarantee registered in Scotland, focused solely on facilitating angel investment. Members may undertake individual charitable activities, but the syndicate does not manage grant-making or donor-advised programs. The firm’s governance is tied to its commercial investment activity and the board’s oversight of member services.