Enterprise Ireland and InterTradeIreland launch next generation Halo Business Angel Network (HBAN 2.0) under new operator Dogpatch Labs
11th May, 2023
HBAN 2.0 and network of 5 regional hubs to improve access to funding for early-stage start-ups across the Island
Latest Enterprise Ireland initiative to support the Irish start-up ecosystem
Enterprise Ireland and InterTradeIreland have launched the next generation of the Halo Business Angel Network (HBAN 2.0) which will improve access to funding for early-stage start-up founders and teams.
HBAN is jointly funded by Enterprise Ireland and InterTradeIreland and is responsible for the development of business angel activity and angel syndicates across the island of Ireland.
HBAN’s primary role is to unlock angel investing as a source of funding for new and developing businesses by matching investors with high quality investment opportunities and providing a range of support services for existing members and syndicates.
Last year, the HBAN Programme saw a record €33m invested in start-ups by HBAN angel investors.
HBAN 2.0’s focus, under new operator Dogpatch Labs which was recently awarded the contract to manage HBAN, will be to leverage cutting-edge technology and end-to-end digitisation to streamline the investment process for angels and start-ups.
Enterprise Ireland said that the launch was another important milestone in the development of the start-up ecosystem and that the 5 regional hubs would further enhance access to funding for start-up founders around the country,
Enterprise Ireland CEO Leo Clancy said “A key part of Enterprise Ireland’s strategy is to make Ireland a world leading place to start and scale a business and our continued investment in HBAN with Intertrade Ireland will help deliver on that ambition. I am particularly pleased that HBAN 2.0 will be supported by a network of five new regional delivery hubs at Portershed in the West, Republic of Work in the South East, the RDI Hub in the South West, Ormeau Baths in Northern Ireland and Dogpatch Labs in the Eastern region.”
InterTradeIreland Chief Executive, Margaret Hearty, added “The delivery of InterTradeIreland and Enterprise Ireland funded HBAN through an all-Island network of hubs represents an exciting new chapter in fostering collaboration and growth across the island. The plan to further embed the greater utilisation of digitalisation in the delivery of HBAN also provides an exciting new chapter in the angel investment ecosystem. As a cross-border body I welcome, in particular, the strong North-South connection of HBAN, which builds upon the strong relationship between Ormeau Baths in Belfast and the regional network of hubs throughout Ireland. HBAN’s plan to build upon progress made to date in terms of female participation at both sides of the investment transaction is very important to InterTradeIreland, as it strives to ensure that even more growth focussed start-ups succeed across the island and beyond.’’
HBAN All Ireland Director Ciaran Gilsenan said "Building on HBAN’s success to date, our vision is to deliver a new era for angel investing, both north and south. Supported by the existing angel network and syndicates, alongside some of the island’s leading entrepreneurs, we are committed to providing the highest levels of service for this ever-growing angel network, while enhancing their capacity to deploy early-stage funding,”
Enterprise Ireland said that the investment was part of its commitment to supporting the development of the Irish start-up ecosystem which includes:
- Investment of €27m in Irish start-ups in 2022
- 161 start-ups supported by Enterprise Ireland in 2022
- 50% of EI-backed start-ups based regionally
- 37% of start-ups were female-led business
- €5m investment in early stage companies
- Launch of its Pre-Seed Start Fund which funded 44 pre-seed companies
- €183m committed to 13 Seed & Venture Funds
- 153 companies supported through its New Frontiers programmes delivered in partnerships with the Technological Universities
- 1,200 researchers funded through commercialisation funding and collaborative programmes
Leo Clancy concluded: “I want to wish the new HBAN 2.0 team, the regional network and the operator Dogpatch Labs well and look forward to working together to create more disruptive start-up companies and a growth environment for more high quality and sustainable jobs”.
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