Investors associated with the Halo Business Angel Network (HBAN) ploughed more than €13 million into 50 Irish start-ups last year with the average investment totalling €272,000.
The network, which is a joint initiative of InterTradeIreland and Enterprise Ireland, serves as a go-between to bring start-ups and investors together. Key sectors include ICT, healthcare, consumer products and food.
Business angels linked to the network invested a total of €13.6 million in start-ups locally in 2016, up 25 per cent on the €10.8 million raised a year earlier.
The network’s annual report shows the angel investments drew a further €20.5 million from other public and private funds, bringing the total invested in start-ups through the network last year to €34.1 million. The average investment total also rose by €550,000.
Last year’s investment included £1.3 million (€1.5 million) invested in eight deals completed by investors in the North.
Funding events
HBAN, which was established in 2007, organised 51 funding events around the country last year, including a 48-hour roadshow that raised €6 million in October.
Among the start-ups to receive funding in 2016 were medtech firm DiaNia, sports media website Pundit Arena, fitness software product Glofox and dog treat company SoopaPets.
Since 2007, HBAN angels have invested €73 million in 362 deals. When the €113 million invested by other funds in those agreements is added, this is an overall total of €186 million invested in Irish start-ups in the last 10 years.
"Every year, hundreds of promising Irish start-ups approach us looking for smart money – in other words, funding that is paired with deep domain knowledge and mentorship from investors with specific industry expertise. With the start-up community showing no signs of slowing down, we are constantly on the look-out for more angels to join our network and we expect to be announcing even more positive results this time next year," said HBAN national director John Phelan.
