To prepare for angel investment in Ireland, build a financial pack that explains how much you need, what it buys and whether you can keep operating until the round closes. Use current accounts, a monthly cash forecast, a milestone budget and an ownership schedule. HBAN connects founders with investors; its application and pitch process does not guarantee funding.
A founder can deliver a convincing pitch and still lose confidence in the next meeting. The deck says one thing about revenue, the accounts say another, and nobody can explain how the funding ask was calculated.
Raising money can take away the immediate pressure to watch every euro. It does not tell you whether the next hire, extra software or acquisition spend is sustainable. The financial pack should help you make those decisions as well as help an investor understand the business.
Stock photograph: Headway on Unsplash.
Where to find the HBAN route
Use HBAN's founder application page, reached through its Pitch to Angel Investors guide. If you need to discuss fit first, the guide also links to Office Hours.
HBAN describes a progression from application through preparation and pitching to support with the investment process where interest exists. Its stated aim of replying within five to ten working days concerns the application response, not the time to receive investment.
The capital comes from participating investors. Acceptance to pitch does not mean a round is committed or that every investor will use the same terms.
For preparation support, also investigate InterTradeIreland's investor-readiness resources and the relevant Business Innovation Centre. Check current eligibility and availability directly.
Check fit before building a large investor list
HBAN identifies software among its areas of interest, with stages from pre-seed to Series A and an emphasis on team capability and a substantial market opportunity. Those descriptions help you assess the route; they are not an eligibility certificate for every software business.
Explain why outside equity suits your plan. What can the capital help you prove? How could that create value for an investor? What ownership and decision-making rights are you prepared to discuss?
A good business does not have to pursue an angel round. If you can finance the next stage from customers, compare the pace and risk before accepting dilution. Our Irish startup funding guide sets out the broader routes.
Calculate the raise from the work it must fund
Start with the next material milestone and the cash required to reach it. For SaaS, that could involve completing a product stage, converting pilots to paying customers or demonstrating retention in a defined customer group. Use evidence appropriate to your stage; there is no universal MRR target that makes every company investable.
Separate the team's sales ambition from the operational baseline. If the model needs every prospect to sign on time to make payroll, it has already told you something useful about the risk.
Here is a fictional 12-month example. The operating figure is net cash outflow after expected customer receipts, including payroll, employer costs, suppliers and tax or VAT payments. The separate launch costs include all assumed one-off costs, including fundraising and legal costs for this illustration. No other funding or cash obligations are omitted.
| Funding-ask component | Amount |
|---|---|
| Forecast net operating cash outflow | €360,000 |
| One-off launch and transaction cash costs | €20,000 |
| Desired cash remaining at month 12 | €40,000 |
| Less opening unrestricted company cash | −€80,000 |
| Illustrative external funding needed | €340,000 |
The calculation is €360,000 + €20,000 + €40,000 − €80,000. It is a cash requirement, not a valuation or a claim about the typical Irish angel cheque. The €40,000 reserve is the founders' chosen assumption.
If expected customer receipts are already deducted in the €360,000 figure, do not deduct them again. If transaction costs are absent from your own forecast, add them before finalising the ask.
Now check whether you can reach the closing date
Assume the operating outflow is €30,000 each month and all €20,000 one-off costs are paid in month one. The business starts with €80,000. Compare receipt of the €340,000 at the start of month two with receipt at the start of month four.
| Month-end | Funding at start of month 2 | Funding delayed to start of month 4 |
|---|---|---|
| 1 | €30,000 | €30,000 |
| 2 | €340,000 | €0 |
| 3 | €310,000 | €30,000 shortfall |
| 4 | €280,000 | €280,000, only if the earlier shortfall is bridged |
Again, the delayed month-four figure is theoretical. The company cannot spend a negative bank balance without a facility or other finance. It also has no headroom at the end of month two, even before the outright shortfall.
Even the base case falls to €30,000 before closing. The €40,000 in the annual calculation is a target for the end of the plan, not a minimum protected throughout. If the founders need €40,000 available at all times, they must change the spending, available finance or receipt date.
The amount raised is unchanged. The ability to keep operating is not. Before committing to the launch timetable, identify what can be phased, what finance is genuinely available and which decision must happen first. Use weekly detail where bills fall before expected receipts.
A funding slide should show what the money buys. The cash forecast should prove that the company can follow the proposed sequence.
Prepare a financial pack that reconciles
The following is Around Finance's practical preparation checklist, not a mandatory HBAN document list. Investors will set their own requests and level of detail.
| Item | What it needs to demonstrate |
|---|---|
| Recent monthly profit and loss and balance sheet | Historical performance and the assets and liabilities behind it |
| Bank reconciliation and cash position | Available cash agrees to the records; restrictions are identified |
| Monthly forecast and assumptions | Sales, collection timing, employment costs and commitments connect |
| Use of funds and milestones | The ask buys defined progress, with named owners and timing |
| Base and downside scenarios | The company can explain slower sales, late funding and its response |
| Ownership and instrument schedule | Issued shares reconcile to legal records; notes, SAFEs and options are disclosed |
| Relevant customer metrics | Definitions and source data are consistent with the business model |
| Document index | Contracts, corporate and IP records have a clear location and adviser responsible |
Resolve these gaps before using the pack to support your pitch
| Warning sign | What to resolve |
|---|---|
| The deck's revenue or MRR does not agree to the customer schedule. | Finance reconciles the difference and the founder uses the same definitions throughout. |
| The funding ask is a round number with no milestone budget. | Build the cash requirement from the work, receipts and available cash; explain any contingency. |
| The forecast runs out of cash before the expected close. | Identify a workable sequence of spending and available finance. Investor interest is not bridging cash. |
| The ownership slide omits a note, SAFE or promised option. | Reconcile legal and finance records, distinguish issued shares from commitments and model the proposed round. |
These are financial preparation checks, not HBAN admission criteria. An early conversation can help establish fit while preparation continues. Do not present unresolved numbers as a finished investment case.
For a pre-revenue company, say it is pre-revenue. Explain expenditure and evidence of validation without relabelling pilots, letters of intent or unsigned contracts as sales.
Prepare a concise initial pack and a controlled set of supporting documents for diligence. Agree with your advisers how customer, employee and other sensitive information will be shared. A document index makes gaps visible without sending everything to everyone at the first contact.
Explain the difference between cash, revenue and MRR
Software businesses can show three different figures from the same contract without any of them being wrong. The investor needs the bridge between them.
Suppose a customer pays €12,000 in advance for a 12-month subscription starting on the first day of the month. For this fictional example, exclude VAT and fees, assume no refund or cancellation, and assume one service delivered evenly across the year with no separate setup obligation.
| Measure | At the end of the first month |
|---|---|
| Cash collected | €12,000 |
| Revenue earned for that month | €1,000 |
| Deferred revenue still to be earned | €11,000 |
| Monthly recurring revenue contribution, under this stated definition | €1,000 |
MRR is a defined operating metric, not a substitute for the accounts. In this example, annual recurring revenue run rate would be €12,000; that is not €12,000 of revenue already earned in month one.
Actual recognition follows the contract and applicable accounting policy; FRS 102, section 23, covers revenue from customer contracts where that framework applies. Usage charges, implementation work, discounts and cancellations can change the pattern. Keep your software VAT treatment separate from the revenue and metric calculation.
For the wider MRR schedule, show opening MRR, new business, expansion, contraction and churn. State the treatment of trials, one-off fees, foreign exchange and credits. Reconcile the customer schedule to billing and explain the difference from accounting revenue.
If the deck and accounts differ, resolve the explanation before an investor asks. Changing the label to whichever number looks largest damages the purpose of the pack.
Keep the legal ownership record and the forecast connected
During diligence, investors may examine incorporation documents, share records, investment instruments, material contracts and intellectual-property ownership. Your solicitor handles the legal assessment. Finance supplies consistent amounts, dates and supporting records.
Our company formation guide covers the setup foundations. Where notes or SAFEs are outstanding, show them separately from issued shares and model the proposed round using the actual terms.
If angel cash is intended to support an Enterprise Ireland route, confirm its timing, form and programme conditions before relying on it. Our Enterprise Ireland guide is the starting point. For the pre-seed route, see our PSSF financial preparation guide. Do not promise an investor tax relief based only on the word “startup”.
Agree the reporting rhythm before the money arrives
The investor relationship continues after closing. Agree what will be reported, how the metrics are defined and when the information will be available.
Connect closing cash, actual versus planned net burn, forecast runway, customer metrics and progress against the funded milestones. Then use the update to decide what happens next. If acquisition costs rise or customers leave sooner than expected, does the next hire still make sense? If a key hire or pilot slips, show the effect on both the milestone and cash. The point is to spot an unsustainable spending plan while there is still time to change it.
Our management accounts service and technology finance support provide a route to that ongoing process. Forecasting, board reporting and funding preparation are agreed within the required scope.
If you are funded or preparing a credible raise and need reliable monthly finance, book a Finance Fit Call.
FAQs
Where can I find angel investors in Ireland?
HBAN is a route to angels and syndicates across the island. Use its founder application or Office Hours route and assess investor fit by stage, sector and the business opportunity.
Does HBAN itself commit the investment?
HBAN connects founders and participating investors and supports the process. Funding depends on investor decisions and completed agreements. An application response or pitch invitation is not an investment commitment.
What should I prepare before approaching angels?
Prepare a clear proposition, evidence of customer need, a milestone-based funding ask and consistent financial records. Have the forecast, ownership schedule and supporting documents ready to develop as diligence progresses.
How much should my company raise?
Work from the cash needed to reach a meaningful milestone, the reserve you choose and available cash. Then test the timing month by month. A correct annual total can still hide a shortfall before the round closes.
Can a pre-revenue startup approach angel investors?
HBAN includes pre-seed among the stages its angels consider. Fit depends on the opportunity, team and evidence. Describe the company's actual stage and validation honestly; revenue is not the only evidence, but projections are not achieved sales.
Can angel investment be used alongside Enterprise Ireland funding?
It may form part of a wider funding plan where the particular programme permits it. Check the required investment form, timing, matching-funds rules and documentation with Enterprise Ireland and your advisers before assuming it qualifies.
