Business angels invested over €14m in start-ups across the island of Ireland in 2020, despite the pandemic induced restrictions throughout the year.
This is according to the latest figures from HBAN, the Halo Business Angel Network.
HBAN is the all-island organisation responsible for the promotion of business angel investment, and is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland.
Business angels are typically former entrepreneurs and other high net worth individuals who have experience and networks available to assist start-ups to grow and accelerate their business development.
According to HBAN's figures, its network of angels invested in 59 companies in the last year, with an average deal size of €250,000 from angel investors.
It is claimed the funds then leveraged a further €40.5m from Enterprise Ireland and other investors.
The most common categories for investment in 2020 included MedTech, ICT (Information & Communications Technology) and Manufacturing.
Over 100 new angel investors joined the group in the last year and it is appealing to new entrepreneurs to join the angel network this year.
"A high level of angel investing was sustained across the island during 2020, irrespective of external variables brought on by the pandemic," John Phelan, all-island director of HBAN, said.
"As Irish start-ups continue to contend with the reality of level 5 restrictions, there is an immediate opportunity for current and prospective angel investors to drive a new wave of innovation forward," he said.
"History shows us that some of the most successful and innovative businesses are founded during recessions and difficult trading times," he added.