Business angel investors invested €16.8m in 66 Irish start-ups in 2019, according to the annual report of the Halo Business Angel Network (HBAN).

HBAN angels leveraged a further €36m from other funds, bringing total funding for start-ups to €52m.

The top sectors for investments were ICT (25 deals completed) and medtech (10 deals completed).

“2019 has been another year of continued growth for business angel investment in Ireland, having exceeded our angel recruitment targets as well as hitting our €100m funding milestone”

Other start-ups in industries including health and beauty, product manufacturing, fintech, life science, artificial reality and virtual reality and food and beverages also received funding.

Two of the largest deals of the year were in medical devices start-ups, CroÍValve and AventaMed who each received investments of €1.5m, bringing their total funding rounds to €2.1m and €3.2m respectively.

The average investment last year was €255,000 – almost a fifth (18pc) higher than the 2018 figure of €215,000. When investment from other sources is included, this is an average investment of €780,000 per company.

Growing confidence in Irish start-ups

“What’s clear from our report is a continued confidence in the potential of start-ups,” said John Phelan, all-island director, HBAN Ireland. “We have been delighted that other funds, both public and private, have joined angels in supporting these businesses. It really reflects the value that angels bring to funding, and is also a testament to the quality of start-ups that we introduce to our angels.

“2019 has been another year of continued growth for business angel investment in Ireland, having exceeded our angel recruitment targets as well as hitting our €100m funding milestone.

“We’re looking forward to engaging with and recruiting more angels in 2020, beginning at our upcoming conference.”

HBAN’s All-island Business Angels Conference 2020 is open to non-HBAN members who want to see how the HBAN network works, connect with HBAN angels and listen to pitches from high-potential start-ups. Tickets for the conference are priced at €50 and are available now. HBAN members can attend for free. For more information about the event and to register, please visit www.hban.org/Conference

“As a HBAN angel investor, I meet some of the most innovative and high potential medtech companies,” said Dr Colin Henehan, HBAN MedTech Syndicate member.

“Being part of a syndicate gives me the opportunity to invest alongside Irelands leading business angels and leverage their sectoral knowledge and experience. For me, pooling investments with other business angels is not only a way to de-risk my investment, it is a more enjoyable and engaging experience.”

Pictured above (from left): John Phelan, all-island director; Julian Seymour, syndicate manager and Niamh Sterling, investment consultant, HBAN.

Written by John Kennedy (john.kennedy3@boi.com)

Published: 4 February, 2020

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