Investing duo sell Angel Capital Group to Newable
Two of London’s top angel investors have struck a deal of their own after selling their venture-capital firm.
Anthony Clarke and Jenny Tooth have sold Angel Capital Group, which owns early-stage technology backer London Business Angels, to state-owned start-up advisory and loans provider Newable.
The size of the deal was not disclosed, but Newable’s chief executive Chris Manson confirmed it was in cash, meaning a windfall for Clarke, who owns around two-thirds of Angel Capital, and Tooth, who controls the remaining third.
London Business Angels runs Dragons’ Den-style start-up pitching events in the capital and its venture-capital arm has backed fledgling companies such as office food delivery firm City Pantry.
Newable, formerly known as Greater London Enterprise, is the capital’s economic development company, owned by the boroughs.
The deal adds venture capital to its services, which includes loans, consulting, and property services.
Manson said he was excited to be part of the venture-capital market. “Investing in early-stage companies is a core activity for the UK economy and London economy,” he said.
