Business Angel Partnership

10 September, 2007

Better beds, tackling mobile phone fraud, making online shopping more widely available and timing sporting competitions - what could they possibly have in common? Answer: business angels who are helping to finance all of the providers.

The Business Angels Partnership (BAP for short) connects early-stage companies seeking equity finance with investors interested in that sector. It has now been in operation for sixteen months and it seems like a good time to see how it has developed.

Nationally, almost 130 investors have registered, all of whom are accessible to firms in the South West. Indeed, local companies have already raised finance from investors outside the region.

At end August, just under 30 investors in the SouthWest alone were on the books representing €7m in investment potential for early-stage companies. 16 companies had been registered as potentially suitable for fundraising, with 6 drop-outs for a variety of reasons. Of the balance, 2 had attracted only minor investor interest; the remainder split evenly between those who have successfully raised funds and others who have attracted serious and continuing interest.

Summing up, 50% have attracted serious investor interest and half of those have already raised funds. "This is a seriously good outcome, already establishing BAP as an essential source of funding in the region" says Michael O'Connor, CEO of CORKBIC. "We brought the concept into the region - part of our remit is to develop sources of financing for innovative new ventures - and it fits well with our successful venture consulting and accommodation services."