HBAN, the organisation responsible for promoting business angel investment, has passed the €100m investment milestone on the island of Ireland. 

HBAN was established more than a decade ago and is a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland.

Around 150 companies pitch for the funding each year with around a third getting funding - representing about 50 deals a year.

Recent research carried out by HBAN among the angel investor community found that the average business angel has invested in multiple companies. 

In a survey of angel investors across the island of Ireland, HBAN found that the average angel has invested in 4.7 companies. 

The survey also found that two-thirds usually invest as part of a syndicate.

John Phelan, all-island director, HBAN, said the €100m milestone reflects the energetic start-up culture across the country's cities and regions.

"With syndicates located and engaged across the island, and internationally in New York and London, our HBAN angels are supporting local economies and entrepreneurship," Mr Phelan said. 

"As co-funders of the HBAN programme, Enterprise Ireland, InterTradeIreland and Invest Northern Ireland are instrumental in enabling this and ensuring more start-ups in Ireland receive crucial funding," he added.