The Halo Business Angel Network has launched a new London syndicate of angel investors, with plans to invest €3m in Irish startups over the next three years.

HBAN is a joint initiative of Enterprise Ireland and InterTradeIreland that promotes business angel investment across Ireland. It runs 12 groups of angel investors who variously focus their investments on different industry sectors.

The organisation’s London syndicate is its second international investor group – HBAN also partnered with the New York-based Digital Irish Angels syndicate earlier this year.

HBAN said that it will supply high-potential, investor-ready early-stage and scaling companies to its London network. Over the next 12 months, the syndicate is aiming to invest in up to six Irish companies with export ambitions, particularly to the UK.

More than 10 investors have already signed up to the UK-based syndicate, which is being led by entrepreneur and angel investor Harry McDermott (pictured). The members come from a wide variety of backgrounds, including finance, technology, telecoms, medtech and fintech.

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“There is a real appetite among the London-based Irish community to invest in high potential Irish startups, particularly in the technology and medtech sectors,” said McDermott.

“The key factors for our members to invest are the global potential of the company, having a lead investor in the deal and the UK’s Seed Enterprise Investment Scheme (SEIS). We are particularly looking for Irish companies who have a presence in the UK market or are planning to enter it in the future.”

John Phelan, national director of HBAN, said that the international syndicates are a testament to the quality of Irish startups with an international market focus. “The launch of a second overseas syndicate is a significant step towards HBAN establishing a global business angel network that has an affinity to Ireland,” he added.