Entrepreneurs offered €6m boost by angel investors

21 Sep 2009

A new all-island initiative to link early stage entrepreneurs in search of funding with potential angel investors has been launched, and has plans to generate almost €6m in new angel investment in its first two years of operation.

The Halo Business Angels Network (HBAN), led by InterTrade Ireland and Enterprise Ireland, aims to work in partnership with existing angel networks and back up to 20 early stage enterprises through the creation of 10 new angel investment syndicates.

HBAN is calling on angel investors and investment syndicates to come forward, both to support small businesses and the wider economy.

“InterTradeIreland is confident that the creation of HBAN will help bridge the gap in the provision of seed and early stage finance. At the present time, with many financial institutions reluctant to lend to small business, the services which HBAN provides are not only essential, but critical,” said InterTrade Ireland’s Dr Gerard O’Hare. “Privately backed enterprises will be a key driver of economic recovery, so it’s a matter of national interest to better facilitate investment in early stage companies.”

HBAN is looking for companies at an early stage of their development that have established a solid trading record and are seeking about €250,000-500,000 to support further growth. 

“HBAN represents a most important contribution to addressing the equity gap for new small firms in Ireland, in particular in relation to the funding of the balance of finance required by the new high potential start-up businesses being supported by Enterprise Ireland,” said Niall O’Donnelan, head of Enterprise Ireland’s Investment Services Division.

“Businesses need reliable access to expansion funding, while angel investors need to be informed about quality deals. To date, there hasn’t been an organisation in Ireland that has successfully acted as a link between these two groups on a continuing basis. This is the gap in the market that we’re seeking to address,” explained Diane Roberts, national director, Halo Business Angels Network, who previously worked in Silicon Valley.

“We believe that HBAN can play an important role in helping to regenerate the national economy. A major barrier to countering the slump has been the tightening of lending to entrepreneurs. We can help to boost investment in early stage businesses. So we are calling on potential investors to come forward, to take advantage of possible investment opportunities and, in doing so, to help our ongoing economic recovery,” she said.                                                          

For more information, visit www.businessangels.ie

Article courtesy of businessandleadership.com

Photo: The Halo Business Angels Network aims to work in partnership with existing angel networks and back up to 20 early stage enterprises.