Halo Business Angel Partnership celebrates 100th investment
Endeco Technologies raises €1.6m, promises to create 14 jobs in two years
TechTrade | 06 Sep 2012 :
The Irish Business and Innovation Centres (BICs), today announced that its Halo Business Angel Partnership (HBAP) has concluded its 100th business angel investment as part of a €1.6 million co-investment for Irish smart energy technology company, Endeco Technologies.
A joint initiative between Enterprise Ireland, InterTradeIreland and the Irish BICs, HBAP matches early stage and developing Irish businesses with private angel investors. Cumulative investments the partnership has facilitated total €40.3 million, since its foundation in 2008.
Making the announcement, Minister for Jobs, Enterprise and Innovation, Richard Bruton said: "A key part of the Government's plan for jobs and growth is ensuring that we have in place the innovative financing mechanisms that start-up and small businesses need to succeed, expand, and create the jobs we need. That is why we have put in place the micro-finance fund, the loan guarantee scheme and the development capital scheme, and that is why we continue to support the private sector with new methods of providing credit and mentoring to high-growth companies who will create the jobs of the future."
The Endeco Technologies investment comes from a combination of sources including business angel investors, AIB Seed Capital and accelerator funds and Enterprise Ireland.
Endeco Technologies currently employs 12 people in Dublin and Cork and is creating a further 14 jobs over the next two years in product development, project management, sales and marketing.
Michael Phelan, CEO, Endeco said: "This is our second round of funding. HBAP helped us secure business angel investors in the first round of investment too. We were pleased that Michael Stanley and his brothers, our original investors, are following their money in this second round along with new investors. These investors understood the clarity of our proposition and business. They came on-board with both finance and deep retail experience, opening up their international network to allow us accelerate growth and be more focused."
Other companies that have received business angel investment include Betapond, Clevamama, Sonru, SourceDogg and Epona.
Pictured: Minister for Jobs, Enterprise and Innovation, Richard Bruton; Michael Phelan, CEO, Endeco; and John Phelan, Halo Business Angel Partnership