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€12m 'angel' investment for tech start-ups

The Halo Business Angel Network - or HBAN - has said that €12m in angel investment was given for 29 tech start-ups last year.

This will lead to the creation of 143 new jobs this year and a total of 344 by the end of 2014.

HBAN promotes investment and supports the early stage entrepreneurial community in Ireland and is a joint initiative of InterTrade Ireland and Enterprise Ireland.

The number of companies receiving investment was up 20% on 2010 and the sums invested grew by 18% - making it a record year on both counts.

Companies which received investment last year included child safety tracking device company Kidspotter, biotechnology company TriMod Technologies, software firm Phorest, medical diagnostics Radisens Technology, software firm SourceDogg Technologies, healthcare firm Arran Healthcare and web based logistics company Scurri.

''Despite the significant wealth destruction that has occurred in this country, these results demonstrate that there are still investors with cash and an appetite for the risk/reward opportunities presented by technology start-ups,'' commented HBAN's national director Michael Culligan.