Angel investment in Irish start-ups rises 25% to exceed €13m

Investors linked to angel network have put €73 million into 362 deals since 2007

Business angel investor Bernard Collins with Halo Business Angel Network national director John Phelan.

Business angel investor Bernard Collins with Halo Business Angel Network national director John Phelan.

 

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.