All-island angel investment body HBAN passes €100m mark

L-R: Kevin Sherry, executive director, Enterprise Ireland; William McCulla, director of corporate finance and property solutions, Invest NI; Margaret Hearty, director of programmes & business services, InterTradeIreland; and John Phelan, all-island director, HBAN

HBAN, the all-island organisation responsible for the promotion of business angel investment has passed the €100 million (£84.4m) mark for investing in start-up businesses.

Set up in 2007, the body is a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland.

Yesterday's announcement comes just four years since HBAN passed the €50m mark four years ago. The body said angel investment has continued to accelerate on the back of the number of active angels, and companies pitching for investment.

Approximately 150 companies pitch to investors each year, with one-in-three receiving funding as a result. This represents approximately 50 deals per year.

Recent research carried out by HBAN among the angel investor community found that the average business angel has invested in multiple companies.

In a survey of angel investors across the island of Ireland, HBAN found that the average angel has invested in 4.7 companies. The survey also found that two-thirds usually invest as part of a syndicate.

John Phelan, all-island director, HBAN, said: “Our research shows that the business angel community is very active, too. It is a buoyant, exciting community and can be a very rewarding experience. With syndicates located and engaged across the island, and internationally in New York and London, our HBAN angels are supporting local economies and entrepreneurship.

“As co-funders of the HBAN programme, Enterprise Ireland, InterTradeIreland and Invest Northern Ireland are instrumental in enabling this and ensuring more start-ups in Ireland receive crucial funding.

“This milestone also demonstrates the quality of companies pitching to our angel investors. We know what our angels look for in an investee company and it's our job to ensure we find those companies and give them the advice that will help them secure critical investment.

“By securing angel investment, those businesses are then more likely to leverage additional funding from other sources and that is very powerful. You can see that in the €100m invested through HBAN Angels a further €170m was invested by others, for a total of €270m.”

Enjoy reading the Irish News?

Subscribe now to get full access