The amount of angel investment commitments made in Ireland has passed the €50m milestone for the first time with the news that Connexicon Medical has raised €1.15m.
According to the Halo Business Angel Network (HBAN) some 271 angel investment deals have been made across Ireland, which have been leveraged up to €89m so far.
HBAN-supported companies will deliver 700 new jobs by 2017.
Some 56pc of funding rounds in the last 12 months involved more than one angel, with an average of 4.5 angels syndicating together per multi-angel deal. In 2008, most rounds involved just one or two angels.
The latest company to receive angel investment is Connexicon Medical, which has been funded by the HBAN Irrus Syndicate.
This investment can be leveraged by a further €500,000.
The investment will enable Connexicon to create 15 new jobs in customer care, chemistry and marketing.
Connexicon Medical was founded in 2014 and specialises in tissue adhesive sand sealants.
“Working with angel investors from the HBAN Irrus Investment Syndicate and with the Dublin Business Innovation Centre put us on a path towards a highly successful investment round,” said Padraig Leamy, CEO of Connexicon Medical.
“However, their input and value goes beyond investment – they are highly involved at board level providing strategic direction for all aspects of our business.”
Angels help innovative growth companies to fly
Connexicon joins a long list of successful start-ups including Storyful, AventaMed, DecaWave and Mick’s Garage that have all benefited from angel investment in their growth story.
“Research shows that angels syndicates working in tandem achieve better outcomes, both for the companies and investors,” said Michael Culligan, national director of HBAN.
“Our key role is to help angels to match up and form syndicates and to connect them with innovative growth companies that we have worked with.
“There are many benefits for the business angels including reducing risk through wider portfolios of investments, pooling economic resources and skills and contacts and experience; and enabling better due diligence.”
Angel investment image via Shutterstock