Manufacturing & Supply Chain

Irish start-ups to get €4 million backing from Italian angel investor

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Irish start-ups to get €4 million backing from Italian angel investor

Irish start-ups to get €4 million backing from Italian angel investor
November 03
09:10 2016
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The Halo Business Angel Network (HBAN) has announced that Italian super-angel Gianna Matera will invest €4 million in Irish start-ups by 2020, through his investment company, Growing Capital.

Matera has been active in the Irish start up scene, already investing €900,000 to date in high potential start-ups such as Brim Brother, Glofox, Motordata and Caragon. The investor indicates that he expects to invest in three more start-ups by the end of this year.

He says: “Ireland is a business-friendly and vibrant environment. The rate of investment in start-ups in Ireland is a much higher percentage of GNP than in the rest of Europe. Ireland’s investment ratios are similar to the US.”

Glofox, which sells software to gyms and fitness studios, were the beneficiaries of a €250,000 investment from Matera. Enterprise Ireland also contributed €250,000 to the company. Its customer base is growing sharply since Matera’s involvement, with 420 gyms and studios as customers in 18 countries and 65% of all new business coming from the US.

Its founder and CEO, Conor O’Loughlin, said: “Gianni really understood the business opportunity from the start. He delivered a valuable helicopter view of the business, together with very strong digital marketing and technical expertise […] In particular, he revolutionised our sales engine, using his considerable digital marketing expertise and connections to build a scalable, automated and predictable sales and marketing funnel.”

HBAN is assisting Matera in shortlisting investable companies. In particular, the Italian is particularly interested in investing in companies that are focusing on the US.

He comments: “I am seeking investments in companies that can scale and in which revenues will grow faster than costs. I am particularly interested in US-oriented companies where the founders are open to moving to the US. Exits typically achieve higher valuations when the founders are based Stateside. Given the culture, language and location advantages, Irish companies do well in America.”

Gianni Matera will be at The Dean Hotel, Dublin, on Thursday 10th November as part of HBAN’s Business Angel Roadshow.

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