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2nd August 2018

HBAN angels get a 10 times return on Phorest investment

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).

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