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IRISH businesses may access €10m in funding over the next two years through an angel syndicate, Irrus Investments.

Irrus Investments said that it is looking to expand the amount of equity available to Irish firms here by growing the group's membership by 60pc.

The company is seeking new members to join the syndicate who have a real interest in investing in high-growth-potential technology companies in the life sciences and other technology sectors.

There are 30 members in the group of like-minded business professionals, operating in a syndicate, who wish to invest in early-stage, innovative companies with strong international scalability potential.

Irrus Investments is the largest business angel syndicate – affluent investors who put money into start-up funds – in Ireland.

The group has targeted increasing its membership to 50, in order to increase the level of equity and expertise within the group.

Irrus Investments reviews up to 100 early-stage companies that are seeking investment every year.

From these 100 companies, typically 20 are invited to pitch to the group at one of its six annual syndicate meetings.

The minimum investment in any company is €500,000 and the average is around €1m.

In most cases, Irrus provides 40-50pc of the total investment and co-invests with Enterprise Ireland, other angel investors and seed funds.