Cork Boole Investment Syndicate helps five start ups raise €3m and create 49 jobs
More Cork based investors sought to continue investment in and support of Irish high potential start-ups
- 5 start-up businesses received investment in the last year
- €4 million available in funds for high potential start-ups
Boole Investment Syndicate, supported by the Halo Business Angel Network (HBAN) and Cork Business Innovation Centre (Cork BIC), today announced that five companies, four of whom are based in Cork have received investment of €1 million from the Cork based, Boole Investment Syndicate. These companies also raised an additional €2 million investment from Enterprise Ireland and venture capital companies bringing the total investment to €3 million in the past year.
The investment will fund product development, international growth and the creation of 49 new jobs which will bring the total number of employees at the five companies to 102 by 2014.
Companies that have received investment include Mingoa, a provider of ethernet operations and management hardware solutions and Phorest, a provider of online booking and management software for beauty salons. Phorest is the first joint investment between Boole Investment Syndicate and Dublin based HBAN syndicate, Bloom Equity.
There is currently up to €2 million available in funds from the Boole Investment Syndicate and this will help to leverage up to a further €2 million from other sources.
HBAN, which is a joint initiative of InterTradeIreland and Enterprise Ireland, is responsible for the development of angel investor syndicates in Ireland. It works closely with Irish Business Innovation Centre’s (BICs), to introduce angel syndicates to start-up or early stage companies. Specifically with Boole Investment Syndicate, HBAN works in partnership with Cork BIC in the operation of the syndicate.
Angel syndicates offer access to funding along with advice and expertise from the group members, who are typically, accomplished entrepreneurs in their own right.
Shemas Eivers of Boole Investment Syndicate said, “The opportunities that are coming to us have improved greatly thanks to the work of HBAN and Cork BIC, as they qualify leads before we ever see them, ensuring they are a match to what we are looking for and what the companies themselves need. This has also had the added benefit of increasing the chances of these start-ups receiving investment, as they have been pre-qualified with all the criteria checked and verified.
“One of the great advantages of investing with a syndicate is the trust you develop with one another and having people from different industry sectors to advise on any deal. We are now seeking new Cork based investors to help us grow our pool of angel funds and experience. We have some excellent new companies coming through seeking our help and finance.”
Cork is increasingly becoming a hub for technology investment with large multi-nationals along with indigenous organisations making announcements of increased investment in the region over the last six months. Four of the five companies receiving investment from Boole Investment Syndicate operate in the technology sector.
Shemas Eivers continued, “Cork has a great reputation for producing highly qualified individuals with University College Cork and CIT providing access to a pool of talented young employees and also fostering an entrepreneurial spirit. We have had the privilege of working with some of the most innovative and energetic start-ups in Cork.”
Michael Culligan, national director, HBAN said, “There is a growing desire among investors, who may have grown and exited their own company or are managing significant businesses, to reinvest in young Irish businesses and give back some of the knowledge they picked up along the way. We are seeing increased investment in high potential start-ups this year, despite the wider economic downturn. We are always looking to speak with potential new investors and introduce them to angel syndicates and investment opportunities.”