The Halo Business Angel Network (HBAN) has grown rapidly throughout 2019, reaching a milestone of €100M (£85.6M) investment across the island of Ireland.
Investment group HBAN announced plans back in January to step up its investment in Irish start-ups, including those in Northern Ireland. The investment syndicate has since announced several key investments in Northern Ireland, including disruptive sports facility booking firm Pitchbooking, local cyber-security firm Uleska, and hair care product development company We are Paradoxx.
The group is now celebrating a major milestone as it has now invested over €100M in start-ups on the island of Ireland. This announcement marks a significant increase in the group's investments, which was started in 2007 and reached the €50M mark just four years ago.
HBAN's all-island director John Phelan commented on the milestone: "We are delighted to have reached the €100M milestone just four years after reaching €50M angel investment across the island of Ireland. It reflects the energetic start-up culture across our cities and regions. This milestone also demonstrates the quality of companies pitching to our angel investors."
HBAN's business angels see around 150 company pitches per year, with each company first assessed and mentored by the group's consultants to make sure they're investor-ready. Around a third of those that get to the pitch stage go on to successfully receive investment.
Many of those who are successful in getting investment from HBAN are able to leverage it to obtain additional funding from other sources, with an estimated €170M in additional funding resulting from the €100M in direct investment for a total of €270M. The group works in partnership with InterTradeIreland, Invest Northern Ireland, and Enterprise Ireland to achieve its goal.
Enterprise Ireland's Executive Director of Global Business Development, Kevin Sherry, commented on the partnership with HBAN: "Building a strong funding ecosystem at each stage of the funding journey for start-ups is of critical importance to the success of Enterprise Ireland client companies. The availability of Angel funding at the early stages of a company’s development provides both essential capital and hugely valuable industry experience to support companies through this early phase of growth."
Source: Written based on press release, HBAN
