Those investments helped secure an additional £10 million of funding from other sources, including Bank of Scotland, with which OION has been running a co-investment scheme since January 2008.

OION, which helps young technology companies find funding of between £150,000 and £2 million, enjoyed a ‘blockbuster year’ despite the economic downturn, according to director Don McLaverty.

Says McLaverty, ‘It is overwhelmingly clear that business angels have a unique role to play during this recession and are more important than ever during these difficult times.’