Angel investors in Ireland: how the Halo Business Angel Network works and how to pitch

What an angel investor is

A business angel invests their own money, alone or with others, in a business they think can grow quickly. InterTradeIreland, which co-funds HBAN, says angels typically put in between €25,000 and €250,000, and that deals where several angels invest together can reach €1 million.

It is not a loan. The angel gets equity, meaning shares and part-ownership, and makes money only if the company is later sold or floated on a stock market. InterTradeIreland says angels usually aim to sell their stake within 3 to 7 years.

Many are successful entrepreneurs themselves, so you also get their experience and contacts. A group of angels investing together is called a syndicate. HBAN describes a syndicate as ten or more private investors sharing the risks and rewards.

How HBAN works

HBAN is the all-island network for angel investing, funded by Enterprise Ireland and InterTradeIreland. It does not invest itself. It connects founders with individual angels and with syndicates.

It is run by a central team at Dogpatch Labs in Dublin, with leads at hubs in Belfast, Galway, Kerry and Cork. It says it has more than 1,000 angel members and that over €200 million has been invested through the network to date.

Syndicates named on its site include a medtech syndicate based in Galway, a group of technology executives called Tech Operators, the Kerry Angel Network, a south-east network, a west and north-west syndicate, and HBAN NI in Northern Ireland.

From April 2023 to December 2024, HBAN says its angels put more than €25 million into 82 companies. That works out at about €300,000 a company, counting everyone who invested in each.

What angels look for

HBAN lists four things:

• Sector. It names software, hardware, medtech, greentech, fintech and life sciences, and says the list is not closed.
• Stage. Pre-seed to Series A. Pre-seed and seed are the first rounds of outside money. Series A is the first large round, usually led by a venture fund.
• Market. A large and growing market, with room for the company to become valuable.
• Team. Exceptional, committed founders who know their field.

Behind all four is one test. An angel only makes money if the company is sold or floated for much more than they paid. A business that gives its owner a steady living, however good, offers no such sale.

Who will not get angel money

A shop, cafe, pub, salon, trade, creche or local professional practice will not interest an angel network. These businesses can be profitable, but they are not built to be sold on for many times the investment within a few years.

If that is your business, the realistic routes are borrowing from a credit union or Microfinance Ireland's loans of up to €50,000.

If relatives or friends want to back you, read first about the income tax relief they may be able to claim on what they invest.

How to apply to HBAN, step by step

1. Fill in the short application form, which you reach from the Pitch to Angel Investors page on hban.org. HBAN aims to reply within 5 to 10 working days.
2. If the company is a fit, the HBAN team helps you get ready to pitch. If it is not, they point you to other supports.
3. Pitch in person at one of HBAN's monthly events, to a room of angels and syndicates, followed by live questions. The pitch is recorded and shared with HBAN members.
4. If investors are interested, HBAN supports both sides through the investment process.

Not sure you are ready? You can ask for an Office Hours call with the HBAN team first.

InterTradeIreland also supports AwakenAngels, a women-led investment community set up in 2023 to back female founders.

What to have ready

You will be pitching, so you need a pitch deck: a short set of slides. NDRC, the State-backed accelerator that is also based at Dogpatch Labs, says a good deck covers the problem, the solution, the size of the market, the business model, progress so far and the team.

Angel money can also count as the private investment Enterprise Ireland wants to see. It can be the new cash required before the €50,000 pre-seed loan from Enterprise Ireland, or the outside investment needed before Enterprise Ireland will co-invest in a High Potential Start-Up.

Common questions