Halo Business Angel Network (HBAN), the all-island organisation responsible for the promotion of business angel investment, has announced a €2 million investment in craft beer company Wicklow Wolf. The investment will be used to fund a new brewing site in Wicklow, which will enable a 15-fold increase in production and facilitate the company’s expansion. It will also lead to the creation of 20 jobs.
The investment includes €722,000 from HBAN Food Syndicate, which will help the company expand into international markets including the US, Asia and Europe. In doing so, Wicklow Wolf will increase its role in Ireland’s burgeoning craft beer industry, which is expected to see a turnover of €58M in 2016 – up 48% from last year.
Founded by Quincey Fennelly and Simon Lynch, Wicklow Wolf started brewing in August 2014. The business now supplies to 150 pubs and 550 off-licenses across the island of Ireland.
Speaking about today’s announcement, Quincey Fennelly, CEO at Wicklow Wolf Brewing Company, said: “As soon as we started brewing, the local support we received from the people in Wicklow was unbelievable and it continues to be just as strong. We feel that now we are well-positioned to bring Wicklow Wolf to the next level and the investment will be crucial to that.
“It’s not just about funding; the angel investors from the Food Syndicate have years of experience in the food and beverages industry. They’ll have a big role to play when we expand overseas, helping us to avoid the mistakes and pitfalls that others before us have fallen into.”
Richard Cullen, lead angel in the HBAN Food Syndicate and co-founder of The Jelly Bean Factory, said: “As soon as I met the guys from Wicklow Wolf, I was extremely impressed not only with their product, but their whole story and passion. From an investment point of view, they have it all.”
Stephen Twaddell, Chair of the HBAN Food Syndicate, was similarly enthusiastic: “Investment decisions for the syndicate are never easy, but this was a stand-out initiative.”
Welcoming the news, Meabh Conaghan, Senior Development Advisor at Enterprise Ireland’s Food Division, said: “Enterprise Ireland has worked closely with Wicklow Wolf over the last three years and we look forward to continuing to work with them as they grow their export sales, creating jobs in Ireland.”
HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland, and is currently on the look-out for more business angels to invest in high-potential start-ups like Wicklow Wolf. Its Business Angel Roadshow will travel to Waterford, Cork, Galway and Dublin from November 9th. More information is available at hban.org.
© 2016 - Checkout Magazine by Donncha Mac Cóil
