John Phelan, HBAN

HBAN report shows ICT most popular sector for business angels

Average investment last year up 18% to €255,000
John Phelan, HBAN

3 February 2020

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, today announces that business angels invested €16.8 million in 66 Irish start-ups in 2019.

HBAN’s annual report reveals that the investments leveraged a further €36 million from other public and private funds, bringing the total funding in these deals to €52 million. The average investment last year was €255,000 – almost a fifth (18%) higher than the 2018 figure of €215,000. When investment from other sources is included, this is an average investment of €780,000 per company.

The most popular sector for business angel investments was information and communications technology (ICT), with 25 deals completed. The MedTech sector also proved to be particularly attractive to HBAN angels, with the Irrus, Boole and the MedTech syndicates investing a total of €5.5 million in 10 major deals. Start-ups in other industries also received angel funding, including health and beauty, product manufacturing, fintech, life sciences, artificial reality and virtual reality as well as food and beverages.




In two of the largest deals of the year, medical device start-ups CroiValve and AventaMed each received angel investments of €1.5 million, bringing their total funding rounds to €2.1 million and €3.2 million respectively.

John Phelan, all-island director, HBAN, said: “2019 has been another year of continued growth for business angel investment in Ireland, having exceeded our angel recruitment targets as well as hitting our €100 million funding milestone. We’re looking forward to engaging with and recruiting more angels in 2020, beginning at our upcoming conference.”

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