A new funding syndicate launched by the Halo Business Angels Network (HBAN) is planning to invest €2m in startups located around the western seaboard this year.

HBAN, a joint initiative of InterTrade Ireland and Enterprise Ireland responsible for the all-island promotion of business angel investment, said that the new syndicated will be called West by North West (WxNW) syndicate. The €2m in investments will also be supported by Enterprise Ireland input.

The new syndicate includes 12 business angels based in or connected to the western seaboard of Ireland. Over the next year, WxNW plans to double its number of angels to 24 and become one of the largest syndicates in Ireland.

Through the syndicate, angel investors have the opportunity to diversify risk by spreading their investment across a number of companies, with support from other angels in WxNW and other syndicates throughout Ireland.

HBAN’s WxNW syndicate is targeting startups in sectors such as technology, manufacturing, education and tourism. The new syndicate will work with bodies such as Enterprise Ireland, WestBIC and the Western Development Commission to provide funding, support and access to networks.

In Association with

Milestone

Through its other syndicates, HBAN has already supported a number of companies located in the area, such as Embo Medical and Capsos Medical. The network last year reached the milestone of €50m invested in startups across Ireland and Northern Ireland, claiming an annual growth of 44% in angel investment on the island since 2008.

John Mullen, who is chairing the WxNW syndicate, said: “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.”

Mullen continued: “The area has shown promising growth in recent years, particularly in areas such as med-tech. We want to capitalise on this growth and the energy it breeds to give more startups across multiple sectors the opportunity to grow.

“Angel investment means startups receive the guidance, networking ability and experience – along with the funding needed – to grow into successful businesses.”

Michael Culligan, national director of HBAN, added: “Research shows that angels and angel syndicates working together achieve better outcomes, both for companies and investors.

“WxNW is set to become an important part of the investment ecosystem along the western seaboard and the growing angel community in Ireland. We at HBAN look forward to supporting the evolution of the WxNW business angel syndicate”

Pictured are (from left) Ultan Faherty, HBAN; John Mullen, WxNW; and Ger Barry, WxNW