Angels reach €50M milestone with Connexicon Medical’s €1.15M investment creating 15 jobs

HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland responsible for the all-island promotion of business angel investment, today announces that it has breached the landmark of €50 million invested by business angels. A further €89 million has been leveraged from other sources including Enterprise Ireland, Western Development Commission and local and international venture capital funds.

Irish med-tech company Connexicon Medical, funded by the HBAN Irrus Syndicate, was the company that enabled HBAN to reach this milestone, with a €1.15 million angel investment and a further €500,000 leveraged. The company will add 15 jobs by 2017, with roles in customer care, chemistry and sales and marketing. Connexicon Medical was founded in 2014 and specialises in tissue adhesives and sealants.

HBAN has facilitated strong growth in angel investment across the island of Ireland in recent years, with an average of 44% growth per annum since 2008. A total of 271 deals have been successfully completed in that period with an average of €185,000 per deal coming directly from business angel investment.

Angel investment has led to significant job growth across Ireland and Northern Ireland. During 2014 alone, 48 companies that received angel investment via HBAN announced they would create approximately 700 new jobs by 2017.

The CEOs of two angel success stories; Dave O’Flanagan of Boxever, and Brian Thornes of X-Bolt Orthopaedics, were shortlisted for the 2015 EY Entrepreneur of the Year (EOY) emerging entrepreneur category.

Michael Culligan, national director, HBAN said: “We have seen angel investment playing an increasingly catalytic role in funding the growth of innovative, born global start-up companies  The number of angels active in Ireland has grown significantly over the past few years.” 

Padraig Leamy, CEO, Connexicon Medical, said: “Ireland is a relatively small community, but when you first start a business, it’s hard to discover who you need to talk to. Suddenly, you speak to HBAN and the HBAN Irrus Syndicate, and doors start opening.

“Working with angel investors from the HBAN Irrus Investment Syndicate and with the Dublin Business Innovation Centre (DBIC) put us on a path towards a highly successful investment round. However, their input and value goes beyond investment – they are highly involved at board level providing strategic direction for all aspects of our business.”

HBAN-backed companies which have achieved significant growth and a number of landmark achievements in recent years include: 

• Storyful: This highly successful social media verification agency now employs 90 people worldwide. Storyful’s first angel investor earned seven times his investment when the company sold to Newscorp in 2014.

• AventaMed: The Cork-based medical device company, which has received €955,000 in angel investment that included three different syndicates, won the InterTradeIreland Seedcorn Award for the ‘Best Early Stage Company’ in 2014.

• DecaWave: Now a world leader in the sale and design of ultra-wide band silicon chips, DecaWave has raised €30 million in total, with €26 million coming directly from more than 200 angel investors in Ireland, the UK, France and US.

• MicksGarage: Leading UK & Ireland car parts provider has developed into an €11 million turnover business that ships more than 200,000 orders to 70 countries annually. The company was a Gold Award Winner at the 2015 European E-commerce awards.

• EMBO: The Galway-based medical device company has developed an innovative embolization procedure that shuts down blood flow in vessels that are diseased. HBAN facilitated an angel investment of €1.475 million with an additional €1.5 million leveraged from other sources.

• Scurri: This cloud-based platform integrates with parcel carriers and merchants. Fuelled by the rapid growth in online shopping in the UK and Ireland, The Wexford-based company now manages millions of deliveries for retailers such as Vision Direct, Zara and ASOS; and delivery partners like UPS, Royal Mail and DHL. Scurri has received €975,000 in angel funding.

• X-Bolt Orthopaedics: With the support of more than €1m in angel funding since 2013, X-Bolt has developed a strong, safe and reliable device for hip fractures that commonly occur in elderly patients. Its CEO Brian Thornes was shortlisted in the 2015 EY Entrepreneur of the Year (EOY) award.

• Boxever: After receiving €150,000 in angel investment to fuel its early growth, travel retail cloud platform Boxever has grown its team to 35 and has processed over half a billion traveller interactions using its solution. Its CEO Dave O’Flanagan was shortlisted in the 2015 EY Entrepreneur of the Year (EOY) award.

• Phorest: Has become the largest salon software system in the UK and Ireland. It has grown to 65 people and revenue of more than €6 million on the back of angel investment totalling €725,000.

• Dropcar: A revolution in car sharing, Dropcar is a fleet balancing and yield management software designed to ensure car share customers have a car available when needed. HBAN helped secure more than €200,000 in angel investment for the growing company.