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The Entrepreneurial Exchange


Scott Johnstone

Scott first received Angel funding in 1999 when Angels, including Braveheart, came into a funding round in YAbA ltd that included further finding from exiting Venture capital investors in the company, including 3i and a South Korean life science VC. This Angel funding proved critical later when 3i subsequently pulled out of all early stage technology investments. In 2006 Scott secured funding for his new company,  Antoxis, a spin-out from the Universities of Aberdeen and Glasgow, from an early stage seed fund and from several Business Angel syndicates.  Having secured over £800K in funding to date the Antoxis has a global network of partnerships adding values to the key products and the business. Scott has a wide experience of securing funding from both Angel investors and differing kinds of venture capital funds and will be able to share his experience of working with them both when things are going well, and not so well. Scott joined the pharmaceutical company Fisons plc in Loughborough as a graduate trainee and subsequently worked for the company in Switzerland and the United States. In 1994 Scott, returned to the UK to study his MBA focused on technology based start-ups. Scott is married to Laura, and has 2 children Kim (12) and Alexander 9 and enjoys an occasional round of golf.

Nelson Gray

Nelson is a Chartered Accountant with a background in the service industry's, who, following the sale of his own business, became a "hands on" Business Angel investor, mentor, non executive director and fund manager.

He has been involved in a wide range of companies, as diverse as a PCB and Biotech manufacturing, diagnostic platforms, intelligence software systems, medical devices, call centres and a kitchen designer. Presently chairman of Antoxis, a drug development company specialising antioxidants to combat oxidative stress and free radical damage in conditions such as ischaemic stroke and Parkinson's disease, and a mentor to a number of high growth companies involved in a range of sectors including recruitment, entertainment and call centres.

He acted as the fund manager for Scotland's leading angel syndicate and has invested in 21 companies personally.  Having qualified as a UK Financial Services Authority fund manager, he managed two early stage investment funds and was responsible for funding over 50 Scottish SME's.

He is presently an FSA registered fund manager with Braveheart Investment Group plc, the London AIM listed business angel group, a non executive director for the Genomia Seedcorn Investment Fund which is targeted the research outputs of a group of public animal and life sciences sector research establishments and until recently was the locum fund manager for Clyde Blowers Capital LLP.

Nelson is a non executive director of LINC Scotland, the Scottish national Business Angel network.

Nelson has developed and presents LINC's "Introduction to being a Business Angel" seminar and their "Business Angel Master Class", aimed at improving the returns achieved by of Business Angel investing and promoting best practice. He chairs LINC's Best Practice committee. On behalf of LINC he acts as a mentor to new investment groups and is frequently called on to provide training, mentoring and advice to Angel organisations in the UK and elsewhere.

In April 2008 Nelson was awarded the tile "Business Angel of the Year 2008" by The European Business Angel Network (EBAN) and in 2009 was invited to be a founding member of the US based Global Angel Roundtable, a "thought leadership group for serious angel investing".

Nelson has provided advice on the establishment and structuring of a number of innovative early stage investment funds both in Scotland and overseas, and is presently advising a number of national and local government development agencies on the effective promotion of innovation and commercialisation within universities, the establishment local investment communities and the promotion of an entrepreneurial culture.

He has talked and lectured at a wide range of events across the world, including the USA, Chile, Sweden, Spain, Switzerland, Estonia, Latvia, Luxemburg, Bulgaria, India, Russia, Jordan, Denmark and Holland.

Nelson is a member of the University of St Andrews "Panel for Intellectual Property and Patents" a group that oversees University policy and provides advice on the handling and development of intellectual property arising from the University's research.

Education, Training & Professional Qualifications

Chartered Accountant                              Member of the Institute of Chartered Accountants of Scotland.

BA. (Hons) Accountancy                           University of Strathclyde, 1979

MBA                                                      Heriot-Watt University, 1990

Diploma in Company Direction                  Institute of Directors, 1990

Financial Services Authority registered Investment Manager and Adviser (registration number NXG01075).


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Venue information

Scottish Malt Whisky Society, Edinburgh 28 Queen Street

0131 220 2044


Nelson Gray, Firth Ventures, www.nelsongray.com


  • Scott Johnstone, Antoxis, www.antoxis.com

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Registered in Scotland. Company registration number SC160976.
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