Halo Business Angel Network (HBAN), a joint initiative of InterTradeIreland and Enterprise Ireland, announced it has breached €50 million invested by business angels. A further €89 million has been leveraged from other sources including Enterprise Ireland, Western Development Commission and local and international venture capital funds.

Irish med-tech company Connexicon Medical, funded by the HBAN Irrus Syndicate, enabled HBAN to reach this milestone, with a  €1.15 million angel investment and a further €500,000 leveraged. The company, founded in 2014 and specialising in tissue adhesives and sealants, will add 15 jobs by 2017. Roles will include customer care, chemistry and sales and marketing.

Connexicon Medical sourced its startup capital from Irrus Ventures, which channels capital from angel investors into investment opportunities. In December 2014, Irrus invested €250,000 and €900,000 in Connexicon on behalf of unnamed investors.

The five charter investors in Connexicon – Padraig Leamy, Martha Leamy, Eodaoin Ledwidge, Martin Brennan and Elizabeth Chapman - paid €1 per share for their 50,000 shares. The Irrus investors paid a premium of €33 per share on that price to buy in. Also on board is the taxpayer, with Enterprise Ireland investing €300,000 in February 2015.

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