HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland responsible for the all-island promotion of business angel investment, has breached the landmark of €50 million invested by business angels. A further €89 million has been leveraged from other sources including Enterprise Ireland, Western Development Commission and local and international venture capital funds.
HBAN has facilitated strong growth in angel investment across the island of Ireland in recent years, with an average of 44% growth per annum since 2008. A total of 271 deals have been successfully completed in that period with an average of €185,000 per deal coming directly from business angel investment.
During 2014 alone, 48 companies that received angel investment via HBAN announced they would create approximately 700 new jobs by 2017.
Up to 56% of funding rounds in the last 12 months involved more than one angel, with an average of 4.5 angels syndicating together per multi-angel deal. In 2008, most rounds involved just one or two angels – this demonstrates the clear and positive trend among investors and syndicates to pool resources, diversify investments and collaborate. This has seen angel investment in Ireland grow and its positive impact on companies here enhance.
The CEOs of two angel success stories – Dave O’Flanagan of Boxever and Brian Thornes of X-Bolt Orthopaedics – were shortlisted for the 2015 EY Entrepreneur of the Year emerging entrepreneur category.
Michael Culligan, national director, HBAN, said: “We have seen angel investment playing an increasingly catalytic role in funding the growth of innovative, born global start-up companies The number of angels active in Ireland has grown significantly over the past few years.
“Research shows that angels syndicates working in tandem achieve better outcomes, both for the companies and investors. Our key role is to help angels to match up and form syndicates and to connect them with innovative growth companies that we have worked with. There are many benefits for the business angels including reducing risk through wider portfolios of investments, pooling economic resources and skills and contacts and experience; and enabling better due diligence.”
HBAN-backed companies include social media verification news agency Storyful; ultra-wide band silicon chip maker DecaWave; medical device company AvtaMed; and motoring e-tailer MicksGarage.com.
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