ICT among top attractors of angel investment, says HBAN

John Phelan, HBAN
John Phelan, HBAN

Angel investors plough more than €14m into Irish companies during 2020

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28 January 2021 | 0

ICT, medtech and manufacturing start-ups are proving popular with investors, despite the pandemic that rocked the global economy according to the Halo Business Angel Network (HBAN)

The all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, found that despite the pandemic-induced restrictions over the course of 2020, business angels invested over €14 million in start-ups across the island of Ireland.

HBAN’s angels invested in 59 companies during 2020, with an average deal size of €250,000 from angel investors. These funds leveraged a further €40.5 million from Enterprise Ireland and other investors.

 

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2020 saw HBAN attract over 100 new angel investors, as well as the formation of the new Kerry Angel Network group.

Commenting on the level of angel investment in 2020 John Phelan, all-island director of HBAN, said: “The figures for 2020 illustrate that a high level of angel investing was sustained across the island during 2020, irrespective of external variables brought on by the pandemic. As Irish start-ups continue to contend with the reality of Level 5 restrictions, there is an immediate opportunity for current and prospective angel investors to drive a new wave of innovation forward. History shows us that some of the most successful and innovative businesses are founded during recessions and difficult trading times.”

Phelan continued: “We have a vibrant community of savvy, motivated and enterprising start-up visionaries that are pressing ahead to deliver new, enterprise-ready tech solutions geared for a post-Covid world. As such, this ongoing proliferation of high-potential start-ups paves the way for angels to expand their portfolio.”

Phelan’s comments come ahead of HBAN’s annual conference, which will be held virtually on 11 February. This year’s conference will hone in on the overarching theme of Start – Grow – Exit – Repeat. It will feature contributions from Charles Fred, co-founder of TrueSpace; Bill Liao, general partner in SOSV and co-founder of the CoderDojo movement; Colin Mason, Professor of Entrepreneurship at University of Glasgow; and Alan Coleman, CEO of Sweepr, the provider of simple care for the connected home. Round table leaders include Ronan Quinlan, joint CEO of Taoglas; Richard Watson of DBIC Ventures; Faye Walsh-Drouillard, founder of Wake Up Capital; and Brian MacNamee, Associate Professor in the UCD School of Computer Science.

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