• Paul Fingleton

€2 Million Boost for West of Ireland start-ups with new WxNW Investment Syndicate

Start-ups in the West of Ireland look set to benefit from a €2 million windfall courtesy of an investment by HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland that today unveiled its new angel syndicate.

The new West by North West (WxNW) syndicate includes 12 business angels based in or connected to the western seaboard of Ireland and is looking to invest €2 million during 2016

HBAN’s WxNW syndicate wants to invest in west of Ireland-based and connected start-ups in sectors such as technology, manufacturing, education and tourism. The new syndicate is working closely with bodies such as Enterprise Ireland, WestBIC and the Western Development Commission to provide not only funding, but the support and access to networks to help these start-ups grow their businesses.

Through its other syndicates, HBAN has already supported a number of companies located in the area, such as Embo Medical and Capsos Medical. HBAN last year celebrated reaching the milestone of €50M invested in start-ups across Ireland and Northern Ireland, cementing an annual growth of 44% in angel investment on the island since 2008.

Michael Culligan, national director, HBAN, said: “Research shows that angels and angel syndicates working together achieve better outcomes, both for companies and investors. WxNW is set to become an important part of the investment ecosystem along the western seaboard and the growing angel community in Ireland. We at HBAN look forward to supporting the evolution of the WxNW business angel syndicate”

Source: HBAN