Angel investors backed 12 companies in the South West region to the tune of €6 million last year.
Investors associated with the Halo Angel Business Network (HBAN), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, pumped €6 million into companies into the region last year, with a further €8.5 million leveraged funds raised.
The Irrus and Boole syndicates, both based in Munster, were involved in ten out of twelve deals and continue to drive angel investments into start-ups across the region, a spokesperson for HBAN said.
Companies across the South West region, which consists of Cork, Limerick, Kerry and Clare secured an average angel investment deal size of €468,000 last year.
Overall, HBAN’s angels invested in some 59 companies during 2020 with an average deal size of €250,000. These funds leveraged a further €40.5m from Enterprise Ireland and other investors.
Categories of start-ups that were most commonly invested in included MedTech, ICT & Manufacturing.
Despite the impact of the pandemic, the angel investment network attracted over 100 new angel investors to its group last year, as well as the formation of the new Kerry Angel Network group.
HBAN All-Island director John Phelan said history shows that some of the most successful and innovative businesses are founded during recessions and difficult trading times.
“As Irish start-ups continue to contend with the reality of level 5 restrictions, there is an immediate opportunity for current and prospective angel investors to drive a new wave of innovation forward."
HBAN will hold its annual conference online this February 11, where it will be looking to attract new angel investors.