€2m investment for Irish start-ups in west of Ireland

Finance | Mon 7 Mar | Author – Business & Finance
Pictured (L-R): Ultan Faherty, business angel partnership coordinator, HBAN; John Mullen, chair, WxNW; and Ger Barry, angel investor, WxNW

HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland, has announced that its new angel syndicate, West by North West (WxNW) will invest €2m in start-ups located around the western seaboard in 2016.

Over the next year, WxNW is actively recruiting to double its number of angels to 24 and become one of the largest syndicates in Ireland.

Working with syndicates means angels have the opportunity to diversify risk by spreading their investment across a number of companies with support from other angels both in WxNW and other syndicates throughout Ireland.

HBAN’s WxNW syndicate wants to invest in west of Ireland-based and connected start-ups in sectors such as technology, manufacturing, education and tourism.

The new syndicate is working closely with bodies such as Enterprise Ireland, WestBIC and the Western Development Commission to provide not only funding, but the support and access to networks to help these start-ups grow their businesses.

Through its other syndicates, HBAN has already supported a number of companies located in the area, such as Embo Medical and Capsos Medical.

John Mullen, chair, WxNW, said: “WxNW is a harbour for angel investors either located around the western seaboard, or with an interest in or connection to the area. The area has shown promising growth in recent years, particularly in areas such as medtech. We want to capitalise on this growth and the energy it breeds to give more start-ups across multiple sectors the opportunity to grow. Angel investment means start-ups receive the guidance, networking ability and experience – along with the funding needed – to grow into successful businesses.”

Ger Barry, angel investor, WxNW, added: “WxNW is a fantastic opportunity for angel investors to meet with like-minded individuals who want to invest in high-growth potential start-ups. We’re in tune with the fact that there are many people across the country considering investing in the area, and want to spread the message that WxNW can provide support to both first-time and experienced investors.”

Michael Culligan, national director, HBAN, said: “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.”