BAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland,has announced that angel investment on the island of Ireland is thriving beyond pre-pandemic levels.
The first half (H1) of 2021 saw a total of £7M in angel funding invested in start-ups on the island of Ireland – up 13.5% on H1 2019. The number of start-ups that received funding also increased from 29 to 37.
Meanwhile, additional funds leveraged as a result of HBAN investments reached £32M in H1 2021 – an increase of more than 128% on H1 2019. At £274.6K, the average investment made by angel groups in each funding round is also significantly higher (29%) than the £212K average in 2019. Individual angels invested an average of £37K each, with many participating at the £21K range, which is more accessible for those considering their first angel investments.
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The promising start to 2021 means that since HBAN’s inception in 2007, start-ups on the island of Ireland have now raised more than £338M in funding from HBAN angels and other funding sources that HBAN helped them to leverage.
John Phelan, all-island director, HBAN, said: “We have seen previously that times of crisis inspire a spirit of entrepreneurism and the first half of this year is testament to the quality of start-ups that are pitching to our angel investors. To maximise potential returns for our angels, each company is assessed and mentored by our team to ensure that they are investor-ready before pitching.”
Mr. Phelan also added: “Aside from the funding, the increase in angel activity is a good sign for start-ups in Ireland, as angel investors also offer industry-specific guidance and contacts that are so vital for businesses in their early years. Angel investment is also important in helping start-ups to leverage funding from additional sources that they wouldn’t otherwise have access to.”
Source: Written from press release.
