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16-06-2010

HBAN - €10 Million Made Available for Early Stage Entrepreneurs Through New Investment Syndicates

Four new syndicates to invest €10 million in early stage enterprises in next three years

Announcement made at Ireland’s first ever national conference for business angels

The Halo Business Angel Network (HBAN), the national network for angel investing in Ireland, has today announced the establishment of four new investment syndicates that will be targeting opportunities in the technology, telecommunications, life sciences and renewable energy fields.

HBAN said the four syndicates - Irrus Investments, Reddo Partners, the Technology Investment Group, and Clean Technologies - expect to invest at least €10 million between them over the next three years, largely in early stage, indigenous enterprises. HBAN was set up last year as a joint initiative of InterTradeIreland and Enterprise Ireland.

The announcement was made this morning at the first ever conference of business angels in Ireland. The Inaugural Business Angels Conference, held in Dublin, brought together a capacity attendance of 75 leading investors, including some of Ireland’s most noted entrepreneurs.

Diane Roberts, National Director, HBAN, said: “The angel capital industry is still at an early stage in Ireland but today’s conference will add significant momentum to its development. The new investor syndicates will provide support for early stage firms, especially those in industries geared towards innovation, like information technology, medical devices and life sciences”.

“To date, we have helped to secure angel financing for a number of early stage companies in these sectors. In fact, we have already helped raise funds for more than 30 of these firms. However, from today, we’re looking to take a major step forward and actively increase the number of syndicates who are willing to invest in Irish early stage enterprises,” said Ms. Roberts.

Attendees at today’s conference included Sean Melly, managing director, Powerscourt Investments; Paddy Holohan, founder and CEO, Newbay Software; Sean O’Sullivan, investment partner, SOS Partners; and Paul Atkinson, partner, investment firm Par Equity. All of the attendees at the conference are potential angel investors.

At the conference - chaired by former RTE presenter, Mark Little - delegates were briefed on the support structures available to investors, the key criteria on which to base investment decisions, the growth in the number of available investment syndicates, and the best ways to diversify a portfolio of investments.

Margaret Hearty, Director of Programmes & Business Services, InterTradeIreland, said: “Encouraging private investment in early stage firms has been a key strategy for InterTradeIreland since our formation. The announcement of these new groups of investors, who are actively looking for investment opportunities, will significantly increase the amount of funds available for innovative early stage enterprises on the island”.

HBAN was set up last year and focuses on supporting companies that are seeking to raise financing of between €250,000 and €1.25 million by linking entrepreneurs to individual investors or investment syndicates. It expects to link up to 100 early stage companies to potential investors over the coming year.

“Investors and entrepreneurs alike need to be aware of the potential of the angel capital industry in Ireland, both as a means of helping to raise funds for early stage companies and, on a wider level, as a way of supporting economic growth. This potential will become ever more apparent over the coming year,” said Ms. Hearty.

Also at the conference, serial entrepreneur and investor Brian Caulfield was honoured as the HBAN Business Angel of the Year. Mr. Caulfield founded technology companies Exceptis Technologies and Similarity Systems, and recently completed an assignment as interim chief executive of UK telecoms software vendor AePONA

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