About Us

About Us



Equity Gap is an Edinburgh based angel investment syndicate, established to help match investors with entrepreneurs looking for early stage business funding.

We aim to make investing accessible and enjoyable for our members through collaboration, a peer network and centralised administration.

We support prospective companies with access to Equity Gap’s broad base of knowledge and expertise, including support for pitching to our members.


Equity Gap members currently invest in over 30 companies, leveraging over £70m in total investment into this portfolio.  Equity Gap investee companies have created over 400 jobs, primarily in Scotland, across a range of sectors including consumer product, food and drink, life science and SaaS.

Our Team

Managing Director


Fraser Lusty


Joined Equity Gap in 2011 and became a director in 2014. He has over 30 years’ experience in helping Scottish businesses and entrepreneurs build commercial capability. He is passionate about developing angel investors globally and has led skill building programmes in Canada and the Middle East. He is an ambassador with Women’s Enterprise Scotland championing diversity in the Scottish angel investment sector.

Founder and Non-Executive Chair


Jock Millican


Started Equity Gap in 2010 following a successful business career, primarily in brewing. His vision of helping Scottish start-ups has evolved into a portfolio of over 30 companies and over 150 active investors. A former Scotland rugby international, he is currently a Court Assessor at Edinburgh University and chair of LINC Scotland, the national angel capital association.

Senior Investment and Portfolio Manager


Rhona Bree


Rhona joined the expanding Equity Gap team in April 2023 as a Senior Investment and Portfolio Manager bringing with her a deep understanding of the early-stage investment market. She has over 10 years’ experience of managing a portfolio of innovative early stage companies at Scottish Enterprise working with many funders and investors in the Scottish market. During that time, she oversaw many follow on funding rounds and exits from the portfolio. Rhona is also a Chartered Accountant having trained with PwC, then spent 8 years in Bank of Scotland’s infrastructure and private equity investment teams in both Edinburgh and London.

Head of Operations and Compliance

Alex Lusty

Alex has been with Equity Gap since 2019 as Head of Operations and, more recently, Compliance leading key projects. She also works on strategic initiatives across the wider angel investment industry, utilising her experience in financial services strategy, customer journeys, solution design and programme management.


Finance Manager


Julie Foster


Equity Gap’s first employee, joining as Business and Finance Manager in 2018.  She previously held senior finance and administration roles in a number of organisations, including Edinburgh Chamber of Commerce.

Investor Relations Manager


Róisín Calvert-Elliott


Joined Equity Gap in 2022 and leads our member engagement activities. Róisín has a wealth of experience in stakeholder engagement having worked with organisations including the RSE, Edinburgh Chamber of Commerce and Heriot-Watt University. As well as her work with Equity Gap, Róisín works as an independent consultant with Bruce Tait Associates, supporting charities with strategic communications and engagement.


Executive Assistant


Wendy Laverty


Has worked with Equity Gap since 2011, as Executive Assistant to the directors organising member events, travel and administration. She is a successful entrepreneur in her own right, running a virtual EA business which supports an international mix of clients.

Investment Consultant


Dave Pratt


Dave joined Equity Gap in 2022 to support the management of portfolio companies and deal execution. Previously he was CEO of a science-based investment business and has held senior executive roles for several large international companies in the defence and energy sectors. Dave has also been involved in the commercialisation of emerging technologies, including leading a university spin out to a successful IPO. He is a member of Equity Gap and a Chairman and non-executive director for a number of companies.


Filippo Menolascina


Filippo is a University of Edinburgh fellow who is assisting Equity Gap in building capability in data science, exit planning and valuations. Filippo is also part of the team looking at new investment opportunities. He is an internationally recognised leader in AI and biological engineering, with boar level experience in early stage businesses

Our Board of Directors

Tracey Ginn


Has over 25 years of experience as a corporate and business lawyer in the UK and the US and is currently Head of MBM Commercial’s Corporate and US teams.  She is an attorney and active member of the State Bar of California as a well as a Scottish solicitor. Over her years of practice, Tracey has developed significant deal experience, with a focus on M+A and equity investments and brings valuable knowledge and perspective to cross-border transactions and advising clients as they expand overseas.

Rachel Jones


Is Head Dragon [CEO and Founder] of SnapDragon Monitoring Ltd, Interim Chair of the IP Crime Group [Partnership] Board, and a member of the EUIPO’s (European Union Intellectual Property Office) SME Task Force. Rachel brings her own experiences of fundraising to the board, rather than those of an investor, and helps guide our direction and future Equity Gap investments.

Brian Williamson


Has been running companies at Board level for the last 40 years, the last 28 as an entrepreneur. After an exit in 2017 returning 75 times multiple to investors and a second exit in 2019 of the fastest growing SME in Scotland, Brian became an active investor in businesses building up his own portfolio. He is Chairman of the 4icg group, Chairman of Elevator, and NXD at Equity Gap and holds many awards including Non-Executive Director of the year by the Institute of Directors, a Lifetime Achievement Award by WeDO Entrepreneurs, and an Honorary Doctorate by Glasgow Caledonian University for his contribution to entrepreneurship.