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Angel investors 'will help Northern Ireland firms to support the recovery'

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Jim Curran

Jim Curran

Jim Curran

Business angel investors will play a major role in supporting fast-growth companies here as the economy recovers from the effects of the coronavirus pandemic, it has been claimed.

Around 20 local firms have secured over £5m from one all-island business angel network over the last 18 months.

Halo Business Angel Network (HBAN) is an all-Ireland initiative by economic development agencies Invest NI and Enterprise NI, along with cross-border body InterTradeIreland.

There are around 80 angel investors registered as Northern Ireland members of the network, which is managed by Clarendon Fund Managers.

And since it was launched in October 2018 there have been 28 deals involving 22 local companies which have received investments ranging from £25,000 to £100,000. The biggest single investment came to £300,000.

Companies which have benefited include pharmacist booking platform Locate a Locum, beauty and haircare brand We Are Paradoxx, and Co Fermanagh gin makers Boatyard Distillery.

Jim Curran, partner at Clarendon Fund Managers, said angel investors will have a huge role to play in supporting fast growing companies as the economy recovers from the pandemic.

"By providing a platform for high potential start-ups to pitch to investors we are creating opportunities for more of these businesses to fulfil their potential. As we come out of the coronavirus lockdown and the economy is more uncertain for a period of time, experienced entrepreneurs who become business angels will be vitally important if NI is to meet the demand for start-up funding."

HBAN hosts its next virtual pitch event tomorrow.

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