HBAN’s Boole syndicate in Cork invested €2.3m in start-ups last yearLeigh Mc Gowranon April 26, 2022 at 08:13 Silicon RepublicSilicon Republic

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CorkBIC announced today (26 April) that the Cork-based angel syndicate Boole invested €2.3m in start-ups last year, a 52pc increase from the previous year.

The syndicate – which is managed by CorkBIC and the Halo Business Angel Network (HBAN) – has invested nearly €11.5m since its creation in 2013. Boole now has 52 active members, a rise of 24pc from 2020, with a significant amount of this year’s funding going to Cork companies.

One of its most recent investments is in the Cork medtech Gasgon Medical, which raised €2.25m in its first seed funding round.

“Cork’s economy is thriving and that is reflected in the start-up ecosystem,” CorkBIC CEO Michael O’Connor said. “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.”

CorkBIC said it will showcase the strength of Ireland’s start-up ecosystem next month, when it hosts the European Business Angel Network (EBAN) conference on 18 and 19 May.

The conference is set to attract business leaders, early-stage investors, business angels, VCs, entrepreneurs, accelerators, seed funds and start-ups to Cork. It will also be attended by Minister for Public Expenditure and Reform Michael Mc Grath, TD.

“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,” O’Connor said.

This will mark the first time EBAN members have had a conference in person in more than two years. Cork was selected at the end of 2019 to host the 21st annual congress for EBAN in 2020. However, the event was postponed due to the global spread of Covid-19.

Some of the sponsors of the two-day conference include Cork City Council, Cork County Council, EY Private, Enterprise Ireland and AIB.

“Business angel investment is a vital source of funding for start-ups and we look forward to supporting its growth in Ireland and across Europe through this year’s EBAN Congress,” AIB Capital Markets managing director Cathy Bryce said.

Dr Hermann Hauser, co-founder of Amadeus Capital, told Siliconrepublic.com in 2020 that Cork is an ideal location for the event. He also discussed the Austrian start-up ecosystem and the big things he expects to see in tech over the next decade.

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