Industry & Business

HBAN Angels Receive a 10 Times Return on Phorest Investment

 Breaking News
  • Meetings Booker Wins Enterprise Ireland’s Pioneer Travel Tech Award Meetings Booker has been named the best product winner of Enterprise Ireland’s Pioneer Travel Tech Award, which showcases and recognizes a new wave of high performing Irish travel tech start-ups. Meetings Booker is a global leader in meeting venue discovery and online booking, with over 125,000 meeting spaces in 138 countries around the world. The company’s [...]...
  • 150 New Jobs For Galway Rent the Runway, Inc., the company that created the world’s first living, sustainable closet by enabling women to rent versus buy their clothing, has selected Galway for its first-ever international technology office. The project is supported by the Irish Government through IDA Ireland. Recognising Ireland’s significant technology talent, Rent the Runway aims to hire 150 engineers [...]...
  • Gyproc Continues Monaghan Investments With New Work at Knocknacran Following a competitive tendering process, Gyproc Ireland, which mines gypsum at Knocknacran quarry for use in its factory in Kingscourt, has announced the awarding of an important new contract to Wills Bros. Ltd.  Wills Bros are one of Ireland’s leading civil engineering contractors with experience in large scale infrastructural, industrial and earthworks projects. The contract [...]...
  • Fáilte Ireland Workshops to Commence on ‘Tasty’ New Initiative Fáilte Ireland is inviting businesses and individuals interested in providing tourists with a food or drink experience to attend workshops in their local area and find out how they can get involved in their new initiative – ‘Taste the Island – a celebration of Ireland’s food and drink’ which takes place this Autumn. See full list of [...]...
  • Robots and Artificial Intellegence Discussed at ACCA Conference in Sligo The role of robots and Artificial Intelligence in accountancy were among the discussions at the recent ACCA conference hosted by IT Sligo. The national conference gathered some of Ireland’s leading experts in finance and business to discuss the many opportunities and obstacles the industry may face in the future. The event titled “Technology & Accountancy – [...]...

HBAN Angels Receive a 10 Times Return on Phorest Investment

HBAN Angels Receive a 10 Times Return on Phorest Investment
August 08
12:57 2018

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland and InterTradeIreland, has announced that a number of the original HBAN investors in software developer Phorest have been bought out for a sum averaging 10 times their initial investment.

Phorest, which provides management software for hair and beauty salons, raised €700,000 from 12 HBAN angel investors in two funding rounds in 2011 and 2013. In June of this year, the company completed a third investment round of €20 million with US investment firm, Susquehanna Growth Equity (SGE).

The SGE investment facilitated a buyout of and substantial return for eight of the initial HBAN investors. Three investors were fully bought out while the remaining five opted for a partial buyout, meaning that they received a return on some of their original investment but still hold shares in Phorest.

Founded in 2004 by Ronan Perceval and Jamie Myerscough, Phorest develops software that enables salons to take bookings online, manage appointments, roster staff, control stock, implement marketing campaigns and create loyalty programmes. The software is used in more than 4,500 salons in ten countries around the world.

The original investment in Phorest was made by Bloom Equity and Boole Investments, making it the first ever deal involving two HBAN syndicates. Pat Garvey of Bloom Equity acted as lead angel on the investment and now serves as the chairman of Phorest.

John Phelan, national director, HBAN, said: “The Phorest deal was the first ever co-investment between two HBAN syndicates and has yielded one of the largest returns for angels in HBAN history.

“It is a real indication that the angel investing market in Ireland is maturing. We are seeing deals where our members are now getting substantial returns on their investments, particularly in the information and communications technology (ICT), medtech, life-sciences and healthcare sectors. These industries continue to be attractive to investors; in 2017, of the €12.8 million invested by HBAN angels, €10 million was invested into companies in these sectors.

“Over the last 11 years, HBAN has filled the void of individual private investment and continues to be an essential source of seed funding for Irish start-ups. From this strong foundation, we are now developing a global network of diaspora syndicates that are not only willing to invest but also provide access to export markets and a wealth of experience.”

Pat Garvey, chairman, Phorest, said: “We are delighted to have SGE on board as new partners. As well as an excellent track record in the software as a service (SaaS) world, it is committed to Phorest’s development and ambitious growth plans for expansion into new markets. SGE will bring a new perspective and dynamism to the team and we are confident that they are the right partner to enable us to nurture the company and become one of Ireland’s software success stories.

“It is fantastic to have the support of the HBAN investors, who are all successful entrepreneurs in their own right and brought not just capital but their experience, expertise and business development nous to Phorest. This is why the company is able to grow and serves as a great example of ‘smart capital’ at work.”

Ronan Perceval, co-founder and CEO, Phorest, said: “Investors often tell you the cliché that they bring more than money, but in this case it was true – many of the angels brought unrivalled expertise and invaluable advice in relation to structuring and scaling the business from €1 million revenue to €13 million. Pat Garvey was our main point of contact with the HBAN investors, and his guidance has been so vital that he is now our chairman.”

Since 2007, HBAN angels have invested €87 million in 419 separate deals. Together with investments from other funds amounting to €137 million, an overall total of €223 million has been put into Irish start-ups over the last 11 years. HBAN is seeking angels interested in joining its syndicates, for more information log on to www.hban.org.

CAPTION:

Pictured (L-R): John Phelan, national director, HBAN; Pat Garvey, chairman, Phorest; Ronan Perceval, co-founder and CEO, Phorest. Photo credit: Philip Leonard.

About Author

admin

admin

Related Articles

New Subscriber

Subscribe Here



Advertisements






















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4