New York investors pledge funding for Irish startups

New York investors pledge funding for Irish startups

A group of Irish-American entrepreneurs in New York has said they are looking to invest in high-potential Irish tech startups looking to enter the US market, writes Padraig Hoare. 

The Digital Irish Angels syndicate, which has 20 investors with backgrounds in finance and technology, said it wanted to invest up to €1.25m a year in five startup companies, over the next three years.

An investment of up to €250,000 in each company will particularly focus on startups in the technology, media, and financial and technology areas, according to the syndicate investors.

The investment was announced in New York following a partnership agreement between Digital Irish Angels and a body responsible for angel investment in Ireland, the Halo Business Angel Network.

The syndicate group was formed in 2015. It includes Feargall Kenny, David Beatty and Shane Naughton.

It has so far invested in a number of Irish start-ups including Sytorus, Video Elephant, Brightflag, Deposify, and ProVerum Medical.

Mr Kenny said there was an appetite for investing in high-potential, Irish companies among Irish- American business angels in the US.

“Irish start-ups are realistically investor-ready for this group of business angels when they have raised private seed, or ‘Series A’ investment in Ireland and have already established a footprint in the US,” he said.

Halo Business Angel Network national director John Phelan said the syndicate had the “knowledge, contacts and expertise to help Irish companies enter the US market and grow into international success stories”.

The syndicate plans to increase business investors among Irish Americans along the East Coast.

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