North West ‘Acorn Angels’ pledge £1m to local start up companies

This angel group (or syndicate) has come together under the umbrella of Halo, the NI business angel network based at the Northern Ireland Science Park, and each ‘angel’ has committed up to £100,000 for investment into startup or high growth companies.

They have chosen the name Acorn Angels reflecting their Derry~Londonderry heritage and the old adage ‘Mighty oaks from little acorns grow’ - the unambiguous ambition for their high growth companies.

The formation of the new Derry-based angel group coincides with the recent opening of the North West Regional Science Park, which is already home to more than 20 technology companies and early stage businesses.

The investment group includes, amongst others, George Fleming (Fleming Agri-Products Ltd), Patrick McGonagle (Pakflatt), John McMonagle (Omega Mechanical Services), Ann-Marie Slavin (Opt2Vote), Paul McElvaney (Learning Pool), Philip O’Doherty (E&I Engineering), Padraig Canavan (founder of Singularity), Richard Sterling (former MD of Coolkeeragh Power Limited) and Eamonn Gee, who all attended the group’s inaugural meeting during the CultureTECH festival.

Alan Watts, Director of Halo at the NI Science Park, says the major focus on the North West will be significant: “Halo is a key part of the Science Park’s programmes to support entrepreneurship and boost growing companies in many different sectors, not just technology.

“With two Halo groups already successfully operating in the Belfast area we are delighted that this new group in Derry will have a focus on stimulating fast growth startups in the North West.

“The Halo programme provides pitch training, mentorship and advice to companies seeking private sector investment. Not only can angels invest substantial capital, notably over £1 million available in this instance, but they come with vast amounts of knowledge, experience and key business contacts - vital ingredients for any high growth potential companies here.

“All our Derry angels will work together to share the work and decisions, benefiting both from the increased brainpower available and the trust that comes from working together in a familiar and focused team. They also have the experience and additional ‘pockets’ of the entire NI Halo network to call on, as needed.

“This model of investors of common interest working together on deals has so far proved very successful in other parts of the world, notably Scotland and the USA.

“The group, although just formed, is very keen to hear from companies who are seeking equity funding, and from other potential North West angels. You can contact us via our website at www.haloni.com, through any of the Acorn angels, or Philip Gilliland, the group’s facilitator and past president of the Londonderry Chamber of Commerce.”

Since its inception, Halo business angels have invested over £7million into companies in Northern Ireland. There are currently over 100 investors in the Halo network.

Halo is part of both the UK Business Angels Association and the European Business Angels network. As evidence of our local potential, more than 15% of Halo angels are based outside NI.

The same efficient use of video technology that allows non NI-based angels to invest here also helps connect the Acorn Angels to a wider world of startup investment opportunity.