HBAN Northern Ireland Hits £5M Worth of Investment in it's First 18 Months8 MONTHS

By hban.org
Tuesday, 26th May 2020
Filed under: DealsDone, Year2020

Network urges more high net worth individuals to consider becoming angel investors

Twenty-two high potential Northern Irish businesses have secured a combined £5m worth of funding from HBAN (Halo Business Angel Network) members during its first 18 months of operating in Northern Ireland.

HBAN is a joint initiative of Invest Northern Ireland, InterTradeIreland and Enterprise Ireland, dedicated to the all-island promotion of business angel investment. HBAN allows companies from a wide range of sectors to pitch to angel investors for funding. Currently, there are almost 80 angel investors registered as members of the network in Northern Ireland, which is managed by Clarendon Fund Managers. 

Since the launch of the network in October 2018, there have been 28 deals involving 22 Northern Ireland-based companies, with individual investments typically ranging from £25,000 to £100,000 and the largest single investment round topping £300,000.

The HBAN portfolio features a diverse range of businesses from a variety of industries, with companies that have secured significant investment recently including pharmacist booking platform Locate a Locum, beauty brand We Are Paradoxx and gin makers Boatyard Distillery. 

Jim Curran, Partner at Clarendon Fund Managers, believes angel investors will have a huge role to play in supporting fast growing companies as the Northern Ireland economy recovers from the effects of the coronavirus pandemic.

He said: “HBAN has become a significant part of the local start-up ecosystem in the past 18 months, helping great companies access investment and expertise from entrepreneurs and business leaders who have vast amounts of experience to share. But we’d love to see more of those people who have enjoyed success and perhaps grown and sold other businesses to join the network.  

“By providing a platform for high potential start-ups to pitch to investors we are creating opportunities for more of these businesses to fulfil their potential. As we come out of the coronavirus lockdown and the economy is more uncertain for a period of time, experienced entrepreneurs who become business angels will be vitally important if NI is to meet the demand for start-up funding.”

HBAN will be hosting its next virtual pitch event on 27th May 2020 and is open to welcoming new members ahead of the event.

The network includes Colin Reid, who served as CEO of Consilium – later rebranded TotalMobile - and led it to a successful exit before becoming an angel investor and business mentor.

Colin said: “Joining HBAN has put some really interesting investments on my radar and got me involved with several exciting companies I wouldn’t otherwise have heard about. These are companies I think could do something great and who will benefit from my own experience. I would highly recommend HBAN to any entrepreneurially minded investors who want exposure to the best of Northern Ireland’s high potential startups and scaleups. I enjoy collaborating in small groups with other like-minded investors to review deals and mentor the next generation of innovative founders.”