Web-Angel, the early-stage technology investor headed by former Coca Cola UK chief Penny Hughes, suffered a £1.2m (€1.9m) loss and a failed portfolio company in the first six months of this year.

The loss, up £100,000 compared to end of June 2000, includes £510,000 of goodwill amortisation, representing a decline in value of intangible assets over time, and £250,000 written off investments. The write-offs are provisioned against three of the seven companies in the portfolio at the end of last year. All three struggled to find additional rounds of funding.