HBAN partnership with NY-based investors to bring up to $3.75m to Irish firms over next three years
HBAN has announced a new partnership with New York-based Digital Irish Angels (DIA) that could mean up to $3.75m investment for Irish firms over the next three years.
The overseas collaboration, the first of its kind for HBAN, will enable the DIA syndicate to invest in and support early stage companies here who have a US market focus.
DIA - who has more than 20 investors - plans to invest in four to five Irish companies per year with a $150,000 to $250,000 investment in each deal, over the next three years.
The partnership was officially launched at an event in the Residence of the Consul General, Mr. Ciarán Madden, in New York City.
Investors with DIA have a particular interest in start-ups in the technology, media, and fintech sectors.
John Phelan, national director of HBAN, said that the partnership is a testament to both the quality of Irish start-ups and the work of the network in vetting, preparing and confirming companies as investor-ready.
"Many of the start-ups that have received funding in the previous 10 years, through the network, have scaled and become international successes."
As successful entrepreneurs, the lead angels of the NY syndicate have the knowledge, contacts and expertise to help Irish companies enter the US market and scale up.
Feargall Kenny, of the DIA syndicate, said the Irish diaspora community in New York, and the US "represents a broad and deep pool of domain expertise, capital and networks interested in helping to grow the number of high-potential tech firms coming out of Ireland".
"Irish start-ups are realistically investor-ready for this group of business angels when they have raised Private Seed or Series A investment in Ireland and have already established a footprint in the US."
The DIA syndicate is a partnership between HBAN and the Digital Irish group, a New York-based organisation that promotes the expansion of Irish start-ups.
Digital Irish has invested in a number of Irish start-ups including Sytorus, Video Elephant, Brightflag, Deposify and ProVerum Medical.