Fast growth companies benefit from launch of business angel syndicate
MEMBERS of a new investor syndicate, formed to increase the level of angel investment taking place in Northern Ireland, have participated in five deals during the first six months of the group's existence existence.
The Halo Business Angel Network (HBAN), a joint initiative between Enterprise Ireland, InterTradeIreland and Invest NI, brings together a number of private investors who are prepared to back high potential early stage ventures up to £500,000.
Formed at the end of last year, the syndicate - which will be managed by Clarendon Fund Managers - has already put its money where its mouth is.
Among the companies to benefit from business angel funding are innovative hair care product company We are Paradoxx, sports facility booking firm Pitchbooking and cyber security software specialist firm Uleska.
Bryan Keating, chair of the HBAN business angel syndicate, said: “Many companies have benefitted from the investment of individual or small groups of business angels, but we believe that bringing active investors together in a larger syndicate or forum creates new opportunities for joint investment and also gives early stage companies access to a pool of expertise that can greatly benefit their business.
“Angel investors play an important role in the economy, and in many countries constitute the largest source of external funding, after family and friends, into newly established innovative ventures.
“They are increasingly important source of risk capital and I encourage anyone thinking of becoming an angel investor to join the HBAN syndicate initiative and attend upcoming pitch events.”
The first HBAN forum of 2019, at which four companies will pitch for funding, will take place on Wednesday April 3 at Belfast's Ten Square Hotel (more details at www.hban.org).
HBAN regional director Jim Curran said: “We've already a strong group of experienced investors involved in the syndicate and forum. Some are entrepreneurs still leading their own business and others have sold their company.
"What they have in common is a willingness to mentor and invest in high potential, growing innovative companies which are at different stages of development."