Wednesday, September 05 15:28:59
Halo Business Angel Partnership's (HBAP) landmark 100th business angel deal announced today sees Endeco Technologies raise E1.6 million with the creation of 14 new jobs.
Over the last 18 months, E8.5 million in angel funds has been invested in 40 deals helping create more than 200 new jobs, with a further 300 jobs to be created by end of 2015.
The 100th investment marks a significant milestone for the Halo Business Angels Partnership, a national programme delivered by DublinBIC (Business Innovation Centre), CorkBIC, SEBIC and WestBIC.
A joint initiative between Enterprise Ireland, InterTradeIreland and the Irish BICs, HBAP matches early stage and developing Irish businesses with private angel investors. Cumulative investments the partnership has facilitated total E40.3 million, since it was founded in 2008.
Making the announcement, the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: "A key part of the Government's plan for jobs and growth is ensuring that we have in place the innovative financing mechanisms that start-up and small businesses need to succeed, expand, and create the jobs we need. That is why we have put in place the micro-finance fund, the loan guarantee scheme and the development capital scheme, and that is why we continue to support the private sector with new methods of providing credit and mentoring to high-growth companies who will create the jobs of the future."
"Today's announcement that the Halo Business Angel Partnership has provided support, with some help from Government, to 100 dynamic companies, with a total investment of over E40 million and the creation of well over 500 jobs, represents a great achievement. We in Government are determined to continue building on this success, support more businesses and help create more jobs and growth in the economy".
The Endeco Technologies investment of E1.6 million comes from sources including business angel investors, AIB Seed Capital and Start Up Accelerator Funds and Enterprise Ireland. It will be used to support the company's international expansion, including the opening of its first London office.
Endeco Technologies currently employs 12 people in Dublin and Cork and is creating a further 14 jobs over the next two years. The roles will be in product development, project management, sales and marketing.
The company has developed a cost effective wireless energy management system for retail, commercial and hospitality businesses. Its wireless sensors automate the control of energy intensive electrical equipment such as refrigeration, lighting, heating and air conditioning and can reduce energy bills by 20pc by optimising the way that businesses manage power consumption.
Michael Phelan, CEO, Endeco said, "The Halo Business Angel Partnership and Dublin BIC were a great help to us in preparing our business plan, analysing markets and distribution channels and identifying export opportunities. This ensured we had a solid plan and were investor ready before meeting the angel investors HBAP introduced us to."
"This is our second round of funding. HBAP helped us secure business angel investors in the first round of investment too. We were pleased that Michael Stanley and his brothers, our original investors, are following their money in this second round along with new investors. These investors understood the clarity of our proposition and business. They came on-board with both finance and deep retail experience, opening up their international network to allow us accelerate growth and be more focused."