Over €1m of investment has been placed into emerging Irish companies by HBAN Investor Syndicates, the angel investment joint initiative of InterTradeIreland and Enterprise Ireland.
The announcement was made today while HBAN announced two master classes for private investors in Dublin and Cork.
Diane Roberts, national director of HBAN investor syndicates, said: “Private investor syndicates are playing a critically important and effective role in boosting indigenous enterprise developments – particularly as other avenues of investment are more difficult to access due to economic conditions.”
Roberts laid out how the economic downturn has played a role in investors who have come together to invest in companies.
“The downturn has created significant opportunities for private investors where they come together as syndicates to invest in emerging companies. These are emerging firms with intellectual property ready to be commercialised or already on the market. Many are already in receipt of state backed enterprise funding or they will be at their next funding round which further enhances their prospects,” said Roberts.
The €1 million invested in emerging companies by HBAN Investor Syndicates last quarter will fuel the growth of three firms in the software sector in fields including software licensing, location based services and interactive merchandising. Dublin-based software firm InishTech was one of the firms where HBAN investor syndicates contributed €275,000 to the funding round.
HBAN was set up last year and focuses on supporting companies that are seeking to raise financing of between €250,000 and €1.25m by linking entrepreneurs to individual investors or investment syndicates.
HBAN’s investor master classes will highlight the benefits of private angel investors working together in syndicates to support equity-ready businesses in the technology, life sciences and clean technology sectors. These are growth areas where HBAN investor syndicates are already strongly engaged.
The HBAN master classes take place on 18th and 19th October and are open only to private investors who are seeking pre-screened business investment opportunities. Venues and registration details are available at www.hban.org
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