TRICAPITAL Angels has led a series of new investments totaling more than £3million as the Scottish angel syndicate continues to back businesses operating at the forefront of industrial transition, ocean technology and sustainable infrastructure.
The syndicate has completed investments in HonuWorx, Kaly and Sisaltech, while also announcing the appointment of ocean technology entrepreneur and investor Mogens Mathiesen as Strategic Adviser.
In little over two years, TRICAPITAL members have now invested £6.8million of personal capital, matched by Scottish Enterprise and leveraged into more than £40million of total investment supporting early-stage Scottish businesses.
The latest investments include £506,000 raised by subsea robotics specialist HonuWorx, £430,000 raised by sustainable seaweed business Kaly, and £620,000 raised by low-carbon insulation manufacturer Sisaltech.
The investments continue TRICAPITAL’s focus on scalable businesses operating across sectors including ocean technology, industrial decarbonisation, sustainable materials, energy transition and resilient infrastructure.
Recent portfolio successes include HonuWorx securing its first NATO contract through the Defence Innovation Accelerator for the North Atlantic (DIANA) programme, while Sisaltech continues to scale production of natural fibre insulation products and Kaly expands its island-based seaweed supply chain.
As part of its continued growth, TRICAPITAL has appointed Norwegian entrepreneur and investor Mogens Mathiesen as Strategic Adviser.
Mr Mathiesen brings extensive experience across ocean technology, maritime sustainability and industrial innovation, having previously co-founded Arundo Analytics and helped scale the business to more than 100 employees, alongside senior roles with HUB Ocean, the World Economic Forum’s ocean innovation centre in Norway.
He currently leads consultancy and investment business Qinetic and serves as a Strategic Partner at Investigate VC.
Moray Martin, chairman of TRICAPITAL Angels, said: “Across each of these investments there is a common thread – backing ambitious businesses developing practical solutions to major global challenges.
“Whether it is subsea autonomy, sustainable construction materials, or marine biotechnology, these companies are building technologies and capabilities with significant long-term potential.
“We are seeing increasing quality and ambition from founders across Scotland, particularly in sectors where the country has genuine industrial strengths and global relevance.
“The momentum we have built over the last two and a half years reflects both the confidence of our members and the strength of the opportunities coming through the pipeline.”
Mogens Mathiesen added: “What attracted me to TRICAPITAL Angels is the quality of the companies being supported and the syndicate’s clear focus on innovative businesses with real industrial and societal impact.
“The portfolio reflects many of the sectors where Scotland has a natural advantage, particularly in ocean technology, energy, sustainability and applied engineering.
“There is a strong opportunity to help more of these companies scale internationally and connect them into wider industrial and investment ecosystems.
“I’m looking forward to supporting TRICAPITAL as it continues to grow its network, reach and impact.”