Halo Business Angel Network raised €30 million in 2014

By: July 2, 2015
Halo Business Angels Network John Phelan (left), national manager, HBAN with Darran Hughes, founder and CEO, Lumafit

The Halo Business Angel Network (HBAN) raised €30 million in funding for startups across Ireland during 2014.

Of the €30 million raised during 2014, €9.5 million came directly from angel investment, with the rest from public and private funds including Enterprise Ireland, venture capital companies and founders.

The Halo money effect

Technology based start-ups across both Ireland and Northern Ireland made up a large segment of the companies supported. This included Galway-based medical devices company, Embo Medical, which raised €3 million with over €1.5 million coming from business angel funding alone during 2014. It plans to grow its team from three to sixteen by 2017.

Northern-Ireland based Treze, a software company dedicated to protecting children from cyber-bullying, raised nearly €150,000 entirely from business angels and will create 20 jobs over the next three years.

Dublin-based Lumafit, which provides an interactive fitness coach that can fill the role of a personal trainer, raised a round of €575,000, of which €175,000 came from angel investors, and will add 15 jobs over the next three years.

The jobs effect

An estimated 700 jobs will be created by 2017 by HBAN-supported companies.

“HBAN introduced us to business angel investors with the entrepreneurial experience, networks and industry knowledge we needed to fulfil our ambitious growth targets. The relationship extends far beyond fundraising, as the angel investors have become an invaluable extension of our team, acting as a soundboard and helping us develop marketing plans and our business strategy,” says Darran Hughes (pictured), founder and CEO at Lumafit.

“We recognise the growing importance of business angels as catalysts in start-up companies, particularly in the technology and knowledge economy and sectors associated with it, like MedTech, FinTech and AgriTech,” says John Phelan, national manager, HBAN. “The success of HBAN is reflected in our strong annual results and our recruitment of new angels following the series of talks last October.”