Investor network raised €4m in 2009

More than €4 million was raised in 2009 for investment in early stage enterprises through an angel investor network, new figures showed today.

The Halo Business Angel Network (HBAN), a joint initiative of InterTradeIreland and Enterprise Ireland, helped raise the funding through its regional networks and investment syndicates.

The money was invested in 21 early stage firms in high tech areas, including medical devices, mobile security solutions, life sciences and biotechnology solutions and software development.

About €3.6 million was raised through investor networks at four regional business innovation centres (BICs) in Dublin, Cork, Galway and Waterford, while more than €800,000 was raised through angel investment syndicates coordinated by HBAN.

"The Innovation Task Force Report, published last week, has shown that there is a definite need for a specific angel capital industry in Ireland. Our role is to promote this sector by creating links between investors and entrepreneurs," said HBAN national director Diane Roberts.

"A big part of this process is the development of syndicates of investors, as a means of creating a greater funding capacity by pooling resources and expertise. Instead of one investor taking all of the risk, we're creating groups of five to 10 investors to put funds into firms that have significant export potential"

She said the angel capital industry would help support economic recovery in the long term.

"It's widely acknowledged that Ireland will not be able to rely solely on investment from multinationals in future, so supporting local enterprise, through angel investors and other means, will be critical for 'Ireland Inc'," she said.