Phorest wins major European angel investment award
Beauty salon software provider Phorest has won a major European angel investment award.
Phorest, which is backed by the Halo Business Angel Network (Hban), was named most successful business financed by early-stage investors at the European Business Angels Network congress in Helsinki.
The award celebrates businesses that have grown into successful, international enterprises since receiving early-stage funding. It also recognises companies that have achieved a positive exit for investors, and whose growth has been greatly impacted by their early-stage investment.
Hban is an all-island organisation responsible for the promotion of business angel investment. In 2018 its angels invested €9.3m into 44 companies across the island of Ireland.
Alongside an equity investment from Enterprise Ireland, Phorest raised €700,000 from 12 Hban angel investors in two funding rounds in 2011 and 2013.
The group, which employs 200 people in Ireland, the United States, and Germany, completed a third round of funding last year, receiving €20m from US investment firm Susquehanna Growth Equity (SGE).
As a result, eight of the original Hban investors were bought out, each receiving an average return amounting to 10 times their initial investment.
Phorest CEO and co-founder Ronan Perceval said the group was "delighted" to win the award "as it reflects how far we have come and the vital role business angel investment has played in our success".