Monday 18 February 2019

HBAN celebrates 10th birthday with plans to increase Irish start-up investment to €25m per year by 2020

Pictured announcing plans to increase the amount invested in Irish start-ups by HBAN angels to €25m per year by 2020 are (L-R) Julian Seymour, syndicates manager, HBAN; Sarah Cagney, communications & relationship manager, HBAN; and John Phelan, national director, HBAN
Pictured announcing plans to increase the amount invested in Irish start-ups by HBAN angels to €25m per year by 2020 are (L-R) Julian Seymour, syndicates manager, HBAN; Sarah Cagney, communications & relationship manager, HBAN; and John Phelan, national director, HBAN
Louise Kelly

Louise Kelly

The group backing business angel investment in Ireland has announced plans to increase the amount invested in Irish start-ups to €25m per year by 2020.

Halo Business Angel Network (HBAN) intends to increase angel investment by 17pc per year for the next four years, with a specific focus on the ICT, medtech and health sectors.

Pictured announcing plans to increase the amount invested in Irish start-ups by HBAN angels to €25m per year by 2020 are (L-R) Sarah Cagney, communications & relationship manager, HBAN; and John Phelan, national director, HBAN
Pictured announcing plans to increase the amount invested in Irish start-ups by HBAN angels to €25m per year by 2020 are (L-R) Sarah Cagney, communications & relationship manager, HBAN; and John Phelan, national director, HBAN

These sectors attracted over €8.7m combined, out of a total €13.6m in angel funding invested in 2016.

HBAN is actively recruiting business angels and aims to double the numbers of active Irish angels in the next four years.

In the last ten years, HBAN angels have invested over €80m in Irish start-ups and have completed 395 investments.

Some of the success stories as a result of HBAN investment include Wicklow Wolf, AventaMed, Signum Surgical, Full Health Medical, Rubicoin, GloFox,  i-Cabbi and Corlytics.

A number of angels who have benefitted from lucrative sales since HBAN's inception include Mark Little’s Storyful and music analytics firm, Soundwave that was acquired by Spotify.

John Phelan, National Director, HBAN, said that in a comparison of the last two years, investment in Irish start-ups through HBAN is up 25pc year-on-year.

Read more: 'We're like a dating agency - but we help create a marriage while planning for divorce' - HBAN's John Phelan

"We’re delighted with the steady growth and want to continue this to reach €25 million HBAN angel investment per year by 2020. To help us achieve this target, we’re very focused on recruiting new angels and developing our regional syndicates," he said.

"In particular, the HBAN offices in Galway, Cork and Waterford are very active in attracting new investors by inviting them to monthly forums and pitching events".

Last year, the ICT sector saw 26 investments made which accounted for the majority (52pc) of investments, with just under €4.5m invested by HBAN angels.

Over the same period, the medtech sector secured over €4.1m angel investment last year, in just seven deals, demonstrating the sector's popularity.

There are now six syndicates operating in Ireland and four recently established international investment groups.

"In terms of return on investment, HBAN is providing excellent value. Over twenty times the cost of the programme is invested by angels in Irish companies through the network, and when other public and private funds are included, that jumps to 50 times the cost of the programme."

Business Angel Week in Ireland runs from November 13-17.

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