- Funding round led by WxNW, HBAN’s newest angel syndicate
- 900,000 players and supporters of 52 sports in Europe, America and Asia benefit from Mayo-based Sportlomo’s service
- Marks first investment from WxNW, which aims to double its number of angels from 12 to 24
- Investment is part of a targeted push by HBAN to encourage investment in start-ups from West and Northwest of Ireland
HBAN, the all-island organisation responsible for the promotion of business angel investment, today announces the first-ever investment from its newest angel syndicate, WxNW (West by Northwest). The syndicate has backed innovative Mayo-based sports technology start-up, Sportlomo. The €270,000 investment is co-funded by Enterprise Ireland and will see the creation of 25 jobs in the company.
Sportlomo develops software for the efficient administration of amateur sports. The software is used by clubs and associations in Ireland, the UK, North America and the UAE to manage the data ofsports players and organisers of 52 sports organisations. The roles announced today will be in the areas of software development, support and sales as Sportlomo continues to grow its presence in Ireland, as well as the UK, US, mainland Europe and UAE.
The announcement marks a targeted push by HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland, to invest in early-stage businesses located in the West and Northwest of Ireland. This year, WxNW will aim to double its number of angels from 12 to 24, while injecting €2 million into start-ups in the region; boosting local economies and supporting local jobs.
Sportlomo was founded by Seamus Kyne and Vivienne Lee. Its software focuses on ‘grassroots’ sports and promises to reduce time spent on administration, using a cloud-based solution that allows administrators to track game schedules, collect results and manage fixtures. As well as administration, the software also enables advertising and sponsorship opportunities for brands looking to specifically target a sporting audience. Brands can access over 200 sports websites through Sportlomo – including governing body, league and club sites.
Speaking about today’s announcement, founder Seamus Kyne said: “Our software streamlines administration for all of the top amateur sports in Ireland. We have demonstrated the efficiency of our software at home in Ireland and now we are ready to take the company to the next level. This angel investment has not only given us the funding to grow and employ 25 new staff members, but WxNW has also provides us with the experience, network and expertise to grow our business and reach new customers all around the world.”
WxNW syndicate founder John Mullen said: “We believe that Sportlomo has developed a truly innovative sports administration solution, with huge potential for implementation in a range of sports around the globe.
“WxNW is committed to attracting angel investors who are dedicated to giving start-ups based around the western seaboard the opportunity to grow. As a platform, WxNW enables investors to meet with high-potential start-ups, diversify risk and increase the chances of gaining significant returns on their investment. This is a great time for business angels looking to invest in the West of Ireland, as we are seeing some very innovative export companies emerging.”
HBAN has promoted angel investment across Ireland since 2008. A recent study conducted by HBAN showed that there was an annual increase of 44% in angel investment between 2008 and 2014.
Orlagh Nolan, HBAN, said: “Angel investment is continuing to play a crucial role in securing the development of high-potential start-ups in Ireland. The number of home-grown angel investors has surged in the last number of years and research has shown that syndication achieves better results for both companies and investors. By pooling resources and reducing risk we can continue to connect angels with innovative growth companies throughout the country.”
Sportlomo provides cloud-based sports administration software to organisers at both grassroots level and beyond. Founded by Seamus Kyne and Vivienne Lee, the company aims to save sports administrators and national governing bodies time by allowing them to manage all of their administration, such as game schedules, result collection, and the management of match officials, player registrations, referees, and websites, online. Having developed rapidly within Ireland Sportlomo is now focussed on expanding internationally. Further information on both the software and the company itself can be found at http://www.sportlomo.com/
About Halo Business Angel Network (HBAN)
HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early stage companies. The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Dublin BIC in partnership with the regional Irish BICs in Cork, Galway & Waterford. HBAN works in partnership with Halo NI & InvestNI in Northern Ireland. Further information is available at: http://www.hban.org
HBAN’s WxNW plans to encourage investment by successful entrepreneurs, based in or connected to the Western counties, into innovative start-up companies.
This initiative is being led by Mayo man, John Mullen - co-founder of Version 1. HBAN is lending its resources, knowledge and expertise to the development of the new Syndicate in partnership with John, Enterprise Ireland, InterTradeIreland, WestBIC, GMIT Innovation Hub, IRD, Údarás, the Western Development Commission and the Local Enterprise Offices.
The partners will help identify and prepare suitable candidates for investment. Business angel investing is recognised worldwide as a key enabler in the development of innovative start-up companies and objective herein is to develop this lever of support to the benefit of start-ups in the West of Ireland. HBAN is seeking business angel investors who are interested to invest directly and support start-ups in the West of Ireland.
Business angels or start-ups interested in working with WxNW can get in contact through HBAN’s website www.hban.org, by contacting regional business angel coordinator Ultan Faherty via email on Ultan@hban.org, or by calling HBAN on 01 669 8525