Levels of capital raised features high on the list among the indices that the WestBIC Board track to measure effectiveness on their innovation support measures across the West and North West Region. 2016 was a record year with a total of €10M raised for WestBIC clients from state, private equity, EU and other start-up relevant sources surpassing the existing 2015 record of €5M.
“We are pleased that our clients, year on year, are proving to be competitive and investor ready at the upper end of the market” commented Dr. Chris Coughlan, Chairman of WestBIC. “WestBIC clients again featured prominently among the annual Start-Up Showcase from the 2016 Enterprise Ireland approvals, presented to the Minister for Jobs, Enterprise and Innovation at Dublin Castle earlier this month. Our close working relationship with Enterprise Ireland over many years ensures a seamless, high value service for start-ups who apply to the EI High Potential Start-Up and Competitive Start Funds” he continued.” This along with our performance in raising both private Angel investment and EU funding has pushed our 2016 client performance to new levels” he concluded.
Among the successful companies from the 2016 portfolio are Bluedrop Medical, a medical device company focused on developing and commercialising an internet of things enabled device which can predict the formation of diabetic foot ulcers.
ProGrip Systems Ltd, based in Roscommon who are transforming the traditional transportation of oil, gas and water pipes, through innovation and automation, that makes the process safer and faster in this multi-billion-dollar industry.
And Ordorite Software Solutions, a cloud-based retail order management software solution which integrates in-store and online sales and stock for supply-to-order retailers and allows customers to manage their business end-to-end.
“ The emergence of an increasing number of start-up entrepreneurs with global ambition is an important feature of the business scene here in the West. The number of high potential start-up companies supported by Enterprise Ireland in 2016 was one of the best on record and WestBIC played a valuable role with many of these companies in securing new investment for the region” said Barry Egan, Regional Director – West Region with Enterprise Ireland. “Building on this, our strategy will now focus on ‘Building Scale and Expanding Reach’ by helping to transform the innovation and competitive capabilities of Irish Companies to compete in global markets” he concluded. “We look forward to further successes here in the West and to working even more closely with WestBIC in the year ahead to create sustainable, value add jobs for our Region.”