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€20m co-investment instrument for Business Angels launched

I am acutely aware that one of the most important tasks for entrepreneurs, and also one of the biggest challenges in the start-up or the expansion phase is to secure financing. There are already State supported initiatives in place such as the Employment and Investment Incentive and the HBAN Programme which promote equity financing. This new Fund will enhance the financing environment further in order to develop and grow businesses which will create employment. I want to see a broad spectrum of finance options, matching the different stages of an enterprise’s development, and business angels play a key role in supporting entrepreneurial performance. - Minister for Jobs, Enterprise & Innovation Mary Mitchell O'Connor

There's good news this week for Irish exporting businesses as a new fund was launched doubling the investment capacity of approved business angels and other non-institutional investors.

The €20m European Angels Fund Ireland was launched following an agreement signed by the European Investment Fund and Enterprise Ireland. As well as providing finance, the he Fund will allow Business Angels to draw on the expertise and network of the European Investment Fund. 

The fund will co-invest with approved Irish Business Angels in Irish-based internationally trading SMEs with investments ranging from €250,000 to €4m over 10 years.

In recent years, Business Angels have become an increasingly important part of the funding eco-system for Irish SMEs and in 2015, Halo Business Angel Network (HBAN) supported Irish Business Angels made 40 investments totalling €8.8m in Irish start-up and early-stage companies.

The fund is now up and running and active. Experienced Business Angels can apply via its website.


About the EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About Enterprise Ireland

Enterprise Ireland is the Irish government agency responsible for the development and growth of Irish companies internationally in order to grow exports and jobs. Enterprise Ireland works with entrepreneurs and businesses to help them to start-up, develop innovative products and services, and scale internationally. Enterprise Ireland facilitates access to international markets through its international office network, supports business strategy & management capability training and provides finance, investment and research expertise. 

About HBAN

The Halo Business Angel Network (HBAN) is an all-island umbrella group responsible for the development of business angel activity on the island of Ireland. HBAN is actively working to increase the number of angel investors and syndicates who are interested in investing in early stage technology, MedTech, AgriTech & food companies and supporting the early stage entrepreneurial community. HBAN is a joint initiative of Enterprise Ireland and InterTrade Ireland.