Angel Investors Provide More Than Pennies From Heaven
Irish company, Induction Manager, has raised €400,000 investment to support its growth strategy. Business angel investors from Boole Investment Syndicate provided €100,000 of the investment, with the remainder raised from Enterprise Ireland and other private investors.
Induction Manager is an online induction platform for large organisations in UK and Ireland. Its customers include Adobe, Pfizer, British Gas and Sodexo, which this year used the platform to train thousands of event contractors before they arrived to work at the Royal Ascot Racecourse. Ninety of its business comes from the UK. Customers tailor the platform to suit their needs and pre-induct both contractors and employees before they arrive to start work. The induction courses can be taken via computer, tablet or smartphone so new-starters are ready to hit the ground running on their first day. Induction Manager sought investment at this time as, although the company is established and profitable, it recognised the potential to grow faster than it could organically due to the large demand for its offering. Brian Clune of the Boole Investment Syndicate and one of the business angels who has invested in Induction Manager said, “We meet with four or five companies every month but Induction Manager really stood out. It was providing a solution to a large gap in the market. The company was already operational and had established customers and had made a serious investment in software to streamline processes in their own business. What it needed was the investment and guidance to help it get to the next level of growth and we had a number of investors who were willing to help.
Separately, the Halo Business Angel Partnership (HBAP) has announced that supported start-ups have broken a €55 million total investment milestone in 128 deals since the organisation was founded six years ago. “In total, €23m has been invested by angel investors brought to the table by the national HBAP organisation over the last six years. The balance of €32.5m was committed by seed funds, Enterprise Ireland and other private investors,” commented John Phelan who heads up HBAP at the Furthr. “The fact that angel investors have invested hard cash up front has played a key role in attracting further investment.” He added that in the first three quarters of 2013, 18 companies, which currently employ 200 people, had raised €10m investment, of which the catalyst was €2.5m angel funding. Although the bulk of the angel investment has been primarily in software technology based companies, a recent angel backed firm is Clogherhead based Oriel Sea Salt Company Ltd. A €100,000 investment was made by a private investor introduced by HBAP as part of a €1,000,000 round of funding. Other angel backed companies this year include Mick’s Garage, Betapond and DecaWave.Oriel Sea Salt Company Ltd Director John Delany commented: “Generating traditional bank finance for start-ups is challenging at the moment. Our initial angel investment was huge in terms of boosting the interest and served as a catalyst in bringing in our other investors.”
This article appeared in the Winter 2013/14 edition of the The Market publication - please click here to view online publication.