A new angel syndicate has been announced with €2m worth of capital set aside this year for start-ups on the western seaboard.
HBAN’s ‘West by North West’ fund (WxNW) will use the new €2m angel syndicate to invest in sectors including technology, manufacturing, education, tourism and medtech.
There are a dozen angels on board, with WxNW looking to double that number to become one of Ireland’s larger angel networks, and it is already working closely with bodies such as Enterprise Ireland, WestBIC and the Western Development Commission.
“We’re conscious that there are active angels investing in the region and WxNW is a platform through which they can engage with more companies, spread risk and, crucially, increase their chances of gaining significant returns on investments,” said John Mullen, chair of the syndicate.
Mullen said the west of Ireland is showing “promising growth”, with medtech and tourism obvious keys to that, and WxNW wants to capitalise on the “growth and the energy it breeds”.
HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland, responsible for the all-island promotion of business angel investment.
It has already backed the likes of Embo Medical and Capsos Medical, with a landmark €50m worth of investment in start-ups across Ireland and Northern Ireland reached last year.
Last week, VC firm Atlantic Bridge Capital reportedly closed a major investment round ‘in the region of €100m’, which bodes well for Irish start-ups.
Last November, it was reported that the VC firm had a fund size of around €200m, with investments ranging anywhere from €2m to €10m. Upping the pot by 50pc could be hugely significant for a firm that takes a keen interest in Irish entrepreneurs.