HBAN 29 business receive investment in 2011, 143 jobs created by end 2012
- 29 businesses received investment
- 143 new jobs to be created within 12 months
- 344 new jobs within 3 years
- A further eight companies received investment via Halo Northern Ireland
- “Despite the significant wealth destruction that has occured in this country, these results demostrate that there are still investors with cash and an appetite for the risk/reward opportunities presented by technology start-ups.” Michael Culligan, national director, HBAN
April 12th, 2012, Dublin:Halo Business Angel Network (HBAN), the all-island umbrella group responsible for stimulating angel investment, announces that 2011 was a record year for business angel investment on the island. A joint initiative of InterTradeIreland and Enterprise Ireland, HBAN in partnership with the Irish BICS helped 29 companies raise €12 million, which will lead to the creation of 143 new jobs in 2012 and 344 jobs by the end of 2014. An incremental €1M (£850K) was raised in eight deals completed by Halo Northern Ireland.
The number of companies receiving investment was up 20% on 2010 and the sum invested grew 18%, making it a record breaking year on both counts.
Companies receiving investment include child safety tracking device company, Kidspotter; biotechnology company, TriMod Therapeutics; Phorest a provider of software to the salon industry; Radisens Technology a medical diagnostics company; SourceDogg Technologies a procurement software solutions company; Arran Healthcare, developing innovative healthcare disinfection technologies and Scurri a web based logistics company.
The €12 million includes €6 million from angel investors, with the balance being directly leveraged from organisations such as Enterprise Ireland, venture capital companies and founders.
The 29 companies which received investment were achieving average revenues of €290,000 each at investment, with a number of the companies pre-revenue. The investment will drive an average fourfold increase in turnover in three years, and with export sales forecast to account for 85% of turnover, these start-ups will contribute €33.8 million to Ireland’s export income in 2014.
HBAN is charged by its stakeholders – InterTradeIreland and Enterprise Ireland – with all-island development of angel syndicates in Ireland. It is actively working with the Business Innovation Centres (BICs) to increase the number of angel investors and angel syndicates who are interested in investing in early stage technology companies.
John Ryan, of the Irrus Investments angel investor syndicate said, “We are delighted with the quality of early stage technology company investment opportunities and we will continue to actively invest in 2012.”
Anthony Bermingham, of the Bloom Equity angel investor syndicate said, “HBAN adds significant value in short listing high quality investor-ready opportunities. Once we make investment, our group – the majority of whom have already successfully founded, grown and exited technology companies - is very well positioned to make a very positive impact on start-ups.”
Michael Culligan, national director, HBAN said, “Despite the significant wealth destruction that has occured in this country, these results demonstrate that there are still investors with cash and an appetite for the risk/reward opportunities presented by technology start-ups.
“We intend to make 2012 an even better year again and in partnership with the BICs, we are actively seeking more angel investors and syndicates who can help us assist innovative startups create wealth and jobs on the island of Ireland.”