# Kelvin Capital

Kelvin Capital is an Asset Manager based in Glasgow, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Glasgow, United Kingdom
- **Region:** Europe
- **Address:** 163 Bath Street, Glasgow, G2 4QS, United Kingdom
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** www.kelvincapital.com
- **LinkedIn:** https://www.linkedin.com/company/kelvin-capital

## Regulatory record

- **Reports private funds:** No

## About

Kelvin Capital is a business angel syndicate that invests in start-ups and young businesses with novel technologies. They target companies with genuine long-term market demand. The syndicate has made 53 investments, including a Seed VC investment in Aurora Avionics on March 27, 2025.

## Sectors

- Deep Tech
- Life Sciences
- Enterprise Software
- Industrial Tech

## People

- John McNicol — Founder and Director
- Angus MacDonald — Director
- Susie Fisher — Investment Director
- Stuart McKee — Chairman

## Questions

### Who leads investment decisions at Kelvin Capital?

Investment decisions are shaped by Founder and Director John McNicol alongside Director Angus MacDonald and Investment Director Susie Fisher. Chairman Stuart McKee, previously Global Head of Corporate Finance at PwC, provides governance and strategic oversight. The firm syndicates deals through its network rather than operating a formal investment committee publishing independent votes.

### How does Kelvin Capital source proprietary deal flow?

Kelvin Capital sources through its deep embedding in the Scottish early-stage ecosystem. Membership in LINC Scotland—the Scottish Angel Capital Association—and the UK Business Angels Association provides structured access to angel-originated opportunities. Co-investment relationships with firms like NetScientific and EMV Capital add institutional referral channels for science-heavy deals that require syndicated capital.

### Does Kelvin Capital operate as a venture capital fund or an angel syndicate?

Kelvin Capital functions more like a private investment syndicate than a traditional blind-pool venture fund. It assembles capital on a deal-by-deal basis from its network of high-net-worth individuals and angel investors, primarily targeting early-stage and growth-stage companies in deep tech and life sciences. This model allows flexible check sizes and co-investment with institutional partners without fixed fund-cycle constraints.

### What is Kelvin Capital's known posture on co-investments alongside external GPs?

Kelvin Capital actively co-invests. Its relationship with NetScientific and EMV Capital confirms a collaborative approach where Kelvin Capital places syndicated capital into rounds led or shaped by institutional partners. The firm's membership in national angel networks further reinforces a model built on shared deal flow rather than proprietary origination alone.

## Related profiles

- [Kelso Place Asset Management](https://altss.com/profile/kelso-place-asset-management)
- [Kemexel Ventures](https://altss.com/profile/kemexel-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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