Finding investors and raising enough money to fill a round is something many entrepreneurs and their deal leads have to endure. After exhausting friends and family money, most startups are financed using a process that we investors refer to as “syndication.” For entrepreneurs the syndication process can be long, arduous frustrating and tedious. And for deal leads it is not only a lot of work, there is some reputation at risk as well. However bad it is, there is something even worse: going through the process and failing.
HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, today announces that investors in its WxNW Syndicate along with Enterprise Ireland have invested €650,000 in Ronspot Solutions. HBAN angel investors have contributed €400,000 to this funding round, while Enterprise Ireland has invested €250,000. Angels from HBAN’s Dublin, London and Singapore groups have also invested.
Economic impact of COVID-19 leading to investments in early-stage businesses being delayed, stalled or abandoned
In order to stimulate growth and employment, HBAN proposes temporarily increasing EII tax relief to 60%
HBAN’S proposal to Dept of Finance also calls for annual amount eligible for tax relief to be increased from €250k to €1m
Angel network argues current administration of EII Scheme is not fit for purpose and proposes significant changes in order to incentivise investments
Some investors still waiting for tax certificates two years after application
These are uncertain times for both investors and entrepreneurs alike – however even in the downturn there is always opportunity. A quick scroll through twitter will reveal how our community has come together to support each other and the start-up ecosystem in Ireland.
If you‘re a high potential Start Up that has a new innovative product or service ready for commercialisation and/or have achieved some early traction and are raising finance to scale internationally please contact us.