BUSINESS angel network HBAN Ulster has reached the significant landmark of investing £10 million into early-stage companies in Northern Ireland it was established in 2018.
The network, managed by Clarendon Fund Managers, has more than 120 members who have done deals with an average investment value of £150,000, representing an overall investment of £10m from business angels within investment rounds totalling £50m.
Business angels are prepared to invest smaller amounts of finance at an earlier stage than venture capital funds, and are increasingly investing alongside seed venture capital funds and public co-investment funding.
HBAN angel investors typically invest between £20,000 and £100,000 in each deal, with 70 per cent investing up to £50,000 per deal.
To date, investors from the network have been part of 65 deals with 45 local entrepreneurial businesses.
Some 80 companies have pitched at 18 events over the last three years, with nearly 20 per cent of pitches being from entrepreneurial female founders.
Jim Curran, HBAN Ulster regional manager and director of Clarendon, said: “We have been delighted to see the HBAN network grow and continue to see a really high percentage of active members doing deals together and investing in some of Northern Ireland’s fastest growing companies and brightest prospects.”
