14 April 2010

Halo helps launch major investment fund

Halo - Northern Ireland’s Business Angel network – has announced the launch of the first ever Business Angel EIS Fund in Northern Ireland, worth a quarter of a million pounds. The fund is modeled on the previously successfully launched London Business Angels EIS Round Table Fund.

The highly tax efficient fund – which is managed by London-based Fund Manager Javelin Ventures – will provide much needed capital for local entrepreneurs in a bid to help grow NI’s business community.  The money in the fund has been provided by Halo angels and allows them to spread their investment across a number of NI companies while also adding to the ‘firepower’ when Halo angels invest directly in these firms.

Halo Director, Alan Watts, said: “Angel investment is an important investment class helping to channel funds into the vital but high risk area of start-up companies. Halo aims to grow the investment community here and support innovation in the region – schemes like this encourage more angels to become involved and importantly make it ‘easier’ for new angels to take their first plunge.”

According to William Smith, Managing Director of Sembarc – a recent recipient of Halo funding– angel investment is vital to the formation and growth of early-stage companies in Northern Ireland. He added: “Sembarc designs and delivers innovative Intellectual Property solutions to leading telecoms equipment manufacturers – the Halo funding has not only provided us with access to vital Angel investment – but also allowed the company to secure early-stage venture capital. This has given Sembarc the foundation to develop its leading-edge technology and to embrace the Global Telecoms market.”

Halo is supported by Invest Northern Ireland and Intertrade Ireland with the purpose of stimulating angel investing in NI-based companies.

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For further information please contact Lauren McCoy/Geoff McGimpsey at Morrow Communications on 028 9039 3837 or email l.mccoy@morrowcommunications.com