06 September, 2012
Dublin, 05 September 2012 – The Irish Business and Innovation Centres (BICs), today announced that it's Business Angel Partnership (BAP) has concluded it's 100th business angel investment as part of a €1.6 million co-investment for Irish smart energy technology company, Endeco Technologies.
The 100th investment marks a significant milestone for the Business Angels Partnership, a national programme delivered by DublinBIC, CorkBIC, SEBIC and WestBIC. A joint initiative between Enterprise Ireland, InterTradeIreland and the Irish BICs. BAP matches early stage and developing Irish businesses with private angel investors. Cumulative investments the partnership has facilitated total €40.3 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 Business Angel Partnership has provided support, with some help from Government, to 100 dynamic companies, with a total investment of over €40 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”.
View a video of the Announcement CLICK HERE
The Endeco Technologies investment of €1.6 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 20% by optimising the way that businesses manage power consumption.
Michael Phelan, CEO, Endeco said, “The 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 BAP introduced us to.
“This is our second round of funding. BAP 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.”
This landmark 100th deal sees the overall investment facilitated by HBAP reach €40.3 million, including €19 million direct investment from business angels, and the balance leveraged from seed and venture capital funds, other privates investors and Enterprise Ireland.
Other companies that have received business angel investment and have been experiencing strong domestic and international growth include Betapond, Clevamama, Sonru, SourceDogg and Epona.
John Phelan, national coordinator of BAP said, “Despite the economic gloom, angel investment has been very strong in the last eighteen months in particular. In this time, HBAP has overseen €8.5 million worth of private HBAP angel investment in 40 companies, with a further €10.5m being invested from other sources. By the end of 2012, these companies will have created more than 200 new jobs with cumulative revenues exceeding €20 million. A further 300 positions are expected to be created by 2015 with revenue forecasted at €100 million.”
Eamonn May, Manager Banking Relations and Growth Capital, Enterprise Ireland added “BAP has the network and the capability to match early stage start-ups with private investment. This valuable and successful initiative complements Enterprise Ireland’s efforts to enhance access to capital for young Irish firms by enabling more private sector investment in high potential start-up companies.”