‘Cork’s economy is thriving’
Business angel investment is thriving in Cork, CorkBIC said this week as it prepares to host Europe’s largest international private investment and entrepreneurship gathering next month.
CorkBIC is a private sector-led organisation which plays a hands-on role helping entrepreneurs to raise finance, sort out business propositions, arrange agreements with shareholders and investors, and find customers. CorkBIC is a strategic partner with Enterprise Ireland.
CorkBIC manages the Halo Business Angel Network (HBAN) in the south and mid-west of Ireland.
CorkBIC figures show the HBAN Boole Syndicate, based in Cork, invested €2.3 million in start-ups last year, up 52 per cent on the previous year. It says it has now invested almost €11.5 million in Irish start-ups since its inception in 2013.
The increase in investment activities has been supported by the growth of the Boole Syndicate. It now has 52 active members, up 24 per cent from 2020. A significant proportion of the investments being made by business angels in the Boole Syndicate, managed by CorkBIC and the Halo Business Angel Network (HBAN), are in Cork companies.
CorkBIC will showcase the strength of the Irish start-up ecosystem and early-stage investment at the EBAN Congress 2022 on 18 and 19 May. The event will feature panel discussions, networking, an awards ceremony and a pitching competition.
Michael O’Connor, CEO of CorkBIC, said: “Cork’s economy is thriving and that is reflected in the start-up ecosystem. Some of the world’s biggest companies are based in Cork, creating a talent pool for start-ups and a knowledge pool of angel investors who can share their expertise with entrepreneurs.
“As a result, angel investment in Cork is continuing to grow year-on-year. Now is the ideal time to showcase that on a European stage and use our knowledge to help our international angel investor community to be successful. We want to show investors that world-class innovation and expansion is happening nationwide and that some Cork companies have recently delivered returns to business angels that are twelve times greater than original sums invested.”