Minister O’Keeffe announces the completion of 50 new Business Angel Partnership investment deals raising €18 million of funding
24 May, 2010
Minister O’Keeffe announces the completion of 50 new Business Angel Partnership investment deals raising €18 million of funding
Minister for Enterprise Trade and Innovation, Batt O’Keeffe TD officially announced that the Business Angel Partnership has recently reached its 50th investment deal resulting in an investment of €18million euro into a cross section of indigenous Irish companies at the launch of the Mid West operations of the Business Angel Partnership, in Limerick today.
The Business Angel Partnership is a joint initiative between Enterprise Ireland, InterTrade Ireland and the Irish Business Innovation Centres (BICs) operating on a regional basis, providing a matching service for private investors (Business Angels) and pre-screened investment opportunities in start-up, early stage and developing businesses.
The Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD, said today was “an important signal of the Government's commitment to backing our emerging community of angel investors and start-up firms”.
“I am delighted to announce the completion of 50 investments in indigenous firms by the Business Angel Partnership and the Irish Business Innovation Centres.”
“Investment in high-tech companies, particularly start-up firms, is critical if we are to develop an innovation-intensive economy.”
“As Minister, I want to develop our supports for high-potential scalable start-up firms so that our indigenous employer sector is ready to take advantage of growth opportunities as Ireland and the world emerge from recession.”
Over 80 potential investors and advisors attended to hear the Minister, the President of Limerick Chamber and entrepreneurs highlight and welcome this initiative. Welcoming the Minister to this event the President of Limerick Chamber, Kieran Mac Sweeney said “We are delighted to welcome the Business Angel Partnership programme to Limerick and the Mid West. This programme has a very good track record and we are looking forward to the positive impact it will bring to Limerick.”
Also speaking at the launch was Michael O’Connor, Chief Executive, AxisBIC who said “The Business Angels Partnership started 3-4 years ago with the support of Enterprise Ireland and we have now achieved our 50th private investment deal for Irish start-ups, appropriately in the Limerick region. A key to this success is the embedded work of the Irish BICs identifying and developing investor ready plans with the traction that will create employment. The BICs have a 21 year track record in the start up environment for the higher potential emerging SMEs reporting a 5 year survival rate of over 80%. Many of these clients are industry leaders.”
A key aim for the Halo Business Angel Partnership is to develop and foster the growth of private equity and business angel activity in Ireland. The programme operates nationally throughout Ireland from the regional BIC offices in Dublin, Cork, Galway and Waterford and is managed by Dublin BIC, authorised by the Financial Regulator under section 10 of the Investment Intermediaries Act 1995.
ENDS