HBAN (Halo Business Angel Network), a joint initiative of Enterprise Ireland and InterTradeIreland, and the all-island organisation responsible for the promotion of business angel investment, has announced that its angels invested a record-breaking €33m in 78 companies on the island of Ireland in 2022.
HBAN was established in 2007 as an umbrella group responsible for the promotion of business angel investment and the development of business angel syndicates in Ireland. The group now has a growing number of syndicates actively investing in Irish start-ups who together made up 79% of the deal activity in 2022.
HBAN figures show that since its inception, angel investors have invested €177m in start-ups on the island of Ireland across more than 730 companies.
The milestone reflects a steady growth in angel investment across the island of Ireland. Last year, in what was HBAN’s most successful year to-date, the number of deals signed also increased with more than 300 HBAN angel investors making 699 individual investments in a total of 86 deals, versus 71 the previous year, representing an increase of 21%.
HBAN’s 2022 figures also show that 30% of the deals closed last year were investments in either female-led or female-founded companies, while 23% of the deals closed had HBAN female angel investor participation.
John Phelan, all-island director, HBAN, said: “We are very proud to announce HBAN’s most successful year to-date, thanks to the growing network that the HBAN teams around the country have created and our ability to introduce high-potential start-ups to a highly active base of angel investors.
“As early-stage funders, angel investors are giving the businesses of the future the best chance of success. Since 2007, our network of investors has been providing the capital, knowledge, mentoring and strategic introductions that start-ups need in their infancy. Not only that, but they also have a direct impact on a company’s ability to leverage additional funds from other sources. We are extremely proud that through our angels’ investments of €177m, we have also been able to help start-ups to leverage an additional €387m in funding.
“I would like to thank the HBAN Syndicate chairs, the HBAN members – who are the lifeblood – the companies who pitched and the dedicated teams in HBAN, all over the island of Ireland, who have made HBAN what it is today. Through their commitment, we have helped start-ups to get access to a professional network that is so vital as they embark on their journeys to funding and success.”
Leo Clancy, CEO of Enterprise Ireland, said: “I would like to congratulate the HBAN team on their achievement in 2022, a year when we saw a tightening investment market internationally. Every year Enterprise Ireland directly funds over 130 start-ups through our Pre-Seed and HPSU (High Potential Start Ups) funding programmes. These companies require additional capital to develop and our HBAN programme is designed to provide support to the business angel community through deal introductions and building of syndicates to become robust investment groupings.
Most importantly we wish to acknowledge the commitment of the Business angels who have directly impacted the growth and financial stability of our most disruptive young companies. Notably, we are very encouraged by the activity across female lead businesses and the growth in female angel participation.”
Margaret Hearty, Chief Executive of InterTradeIreland, said: “I would like to acknowledge the HBAN team on what has been a record breaking year. 2022 performance results clearly demonstrate that HBAN has played a pivotal role in supporting successful business angel investment in growth focused start-ups across the island, and it is very encouraging to see the notable level of investments in female led companies. HBAN is a key initiative within the InterTradeIreland Funding for Growth programme which focuses on supporting hundreds of early stage companies across the island to become more investor ready, through Equity Advisory Clinics, Seed Finance Workshops, Business Planning Workshops as well as the Seedcorn Investor Readiness Competition and annual Venture Capital Conference.’’
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