The Dublin Business Innovation Centre announced yesterday that it has raised €20 million, which is now available for investment through its "business angel" programme.

The centre manages the Halo Business Angel Partnership, a scheme which matches up private investors with start-up, early-stage and developing companies.

To date, individual investments have ranged from €25,000 to €100,000, according to the chairman of the centre, Hugh Governey.

In the last six months, four companies have received investments of €100,000.

The Minister for Enterprise, Trade and Employment, Micheál Martin, praised the progress made so far.

"This programme is unique in that it harnesses the experience of entrepreneurs and investors many of whom have already built successful companies in Ireland," he said.

Mr Governey explained that the programme fills a gap in the market for early-stage companies with potential, but which may be "outside the radar" of traditional venture capital companies.

He added that the Dublin Business Innovation Centre hopes to continue attracting both "angels" and companies in need of funding.