Halo Business Angel Network (HBAN) is a programme which has been running since 2007. It is an all-island initiative that provides support to enable business angel investors and syndicate groups of such investors connect with early-stage companies who are seeking to raise funds, across all sectors, with a particular focus on technology.
In Q1 2023, following a competitive procurement process, the contract to run the HBAN programme was awarded to a new operator. Following the awarding of the new contract, both the new operator and Enterprise Ireland/InterTrade Ireland became aware of potential regulatory issues surrounding the independent legal entities (nominee vehicles) which were not and are not within the scope of the HBAN contract.
I am informed that Enterprise Ireland took a range of specific steps and actions in relation to the legal/regulatory position and the independent nominee vehicles. Enterprise Ireland’s portion of the cost in relation to these steps is €63,000.
I am further informed that Enterprise Ireland and InterTrade Ireland have agreed to a fee amendment to the HBAN contract. Notwithstanding this adjustment, the total contracted cost is still substantially below the contract cost with the previous operator.
I have been advised by Enterprise Ireland these events are not expected to impact on the long-term future of the HBAN network.
