Business angel networks in Ireland and US team up to support Irish start-ups

HBAN to collaborate with Digital Irish in New York to encourage investors to back firms

 John Phelan, national director, HBAN; Feargall Kenny, Digital Irish Angels Syndicate; and Ciarán Madden, Consul General of Ireland in New York

John Phelan, national director, HBAN; Feargall Kenny, Digital Irish Angels Syndicate; and Ciarán Madden, Consul General of Ireland in New York

 

A business organisation that promotes angel investment in Ireland has announced a new overseas partnership with a similar body in New York to encourage US-based investors who want to back early-stage Irish companies.

The Halo Business Angel Network (HBAN), a joint initiative of InterTradeIreland and Enterprise Ireland, is collaborating with the Digital Irish Angels (DIA) syndicate, which was established by the Digital Irish group in 2015.

The syndicate has more than 20 investors with a focus on start-ups in the technology, media and fintech sectors, who are all looking to invest in Irish companies that want to enter the US market.

The syndicate has previously invested in a number of Irish start-ups including Brightflage, Deposify and ProVerum Medical. It aims to back a further four to five companies over the next 12 months. with a $150,000 (€121,600) to $250,000 (€202,691) investment in each deal, over the next three years.

An affinity

“There is an affinity with, and appetite for, investing in high-potential, Irish companies among Irish-American business angels in the US,” said Feargall Kenny, founder of Digital Irish.

“The Irish Diaspora community in New York and the US represents a broad and deep pool of domain expertise, capital and networks interested in helping to grow the number of high-potential tech firms coming out of Ireland,” he added.

Digital Irish was established by Mr Kenny in 2013 and has grown to more than 2,000 members.