£70m ‘Angel funding’ up for grabs to help start-ups reach next level
There is £70m worth of funding available for start-up companies across the island of Ireland from so-called Business Angel Funds.
That was the estimate of Margaret Hearty, director of business services and programmes at InterTradeIreland, at the launch of the 11th Annual InterTradeIreland Venture Capital (VC) Conference.
She said start-ups need to become ‘investor ready’ to tap into the angel funds — typically business people who invest their own money — and should take advantage of an increasingly important source of finance.
“Research has shown that venture backed firms outperform non-venture backed firms and research indicates that VC backed companies create 80% more jobs than non VC backed companies.”
The 11th annual InterTradeIreland Venture Capital Conference, which will take place at Belfast City Hall on March 7, is designed to allow networking between Ireland’s leading venture capitalists, business angels and start-ups that are seeking funding from across the island.
The keynote address will be delivered by Danny Moore, the former chief operating officer of the NYSE Euronext trading technology segment, NYSE Technologies, who, in 2010, established Belfast-based investment firm Lough Shore Investments.
“There are a lot of early stage companies that are presenting very exciting technologies and innovation that is scalable globally, but without access to proper funding, many of these exciting new businesses will not meet their potential. This conference seeks to break down the funding barriers that can keep businesses from moving to the next level,” he said.