Cork-based Boole Investment Syndicate, along with Enterprise Ireland and venture capital companies, have invested €3 million in five start-up firms in the past year. The funding is earmarked for product development and international growth and will create 49 new jobs. This will bring the total number of people employed by the firms to 102 by 2014.
Boole Investment Syndicate invested €1 million in the companies, with a further €2 million raised through investment from Enterprise Ireland and venture capital companies. The syndicate is supported by the Halo Business Angel Network (HBAN) and Cork Business Innovation Centre (BIC). The syndicate has potential funding of €4 million available in funds for high potential start-ups.
Among the firms supported is Mingoa, a provider of Ethernet operations and management hardware solutions and Phorest which provides online booking and management software for beauty salons. Four out of the five companies supported are Cork-based.
Shemas Eivers of Boole Investment Syndicate (pictured) said: "One of the great advantages of investing with a syndicate is the trust you develop with one another and having people from different industry sectors to advise on any deal. We are now seeking new Cork based investors to help us grow our pool of angel funds and experience. We have some excellent new companies coming through seeking our help and finance."
Angel syndicates offer access to funding along with advice and expertise from the group members to start-up companies. Many of the members are accomplished entrepreneurs in their own right.
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