Thursday, May 24, 2007

Business Angels have €20m to invest in startups- Dublin, IRL

from Business Plus online Feb 2007

The Halo Business Angels Partnership has announced that it has raised €20m to invest in startup and developing companies

The partnership is a pilot programme and has resulted from a joint initiative between Enterprise Ireland, InterTrade Ireland and the Irish Business and Innovation Centres. It is designed to match private investors with pre-screened investment opportunities in early stage and developing businesses. The programme is being managed by the Dublin Business Innovation Centre (DBIC).

DBIC said that four companies have received cash investment of €100,000 each in the past six months. Average investment amounts should range from €25,000 to €100,000.

DBIC chairman Hugh Governey said: "This fills a gap in the market for early stage companies which have major potential but which are outside the radar of traditional venture capital companies. We are interested in continuing to attract angels and investee companies. Our goal is to create excellent opportunities for investors and early stage funding for successful Irish companies of the future".

Welcoming the announcement, enterprise minister Micheál Martin said "Angel investment in countries such as the US has played an important role in helping to build a knowledge economy. This programme is unique in that it harnesses the experience of entrepreneurs and investors many of whom have already built successful companies in Ireland".

Although DBIC is responsible for co-ordinating the Business Angels partnership, it is available in the South West, South East and BMW regions through the offices of Cork BIC, West BIC and South East BIC

anyone know who got the 'funding'?
anyone applied and got turned down?


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