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Ireland : Government launches  172m venture capital fund for IRELAND's life sciences  sector

May 21, 2014



The Irish Government has launched a 172m venture capital fund for spending in innovative Irish companies in the life-sciences sector. Lightstone Ventures is associating with Enterprise Ireland and the National Pension Reserve Fund to manage the fund.

This is the third investment by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland under the Innovation Fund Ireland programme.

Enterprise Ireland has spent 20m in the fund alongside a commitment of 10m from the National Pensions Reserve Fund.

The investment in this fund adds another source of funding to the Irish market, further increasing the range of sources of funding available for Irish companies, the Minister for Jobs, Enterprise and Innovation Richard Bruton, TD, said.

Increasing the availability of different types and sources of non-bank financing is a core objective of the Action Plan for Jobs 2014.

Research shows us that start-up companies have a significant positive impact on job creation. Almost 4,000 high-level jobs alone were created by indigenous venture-capital backed companies in the three years to 2012, Bruton added.

The Lightstone team manages the Morgenthaler and ATV life-science portfolios of more than 40 life-science companies and has been involved in several of the biggest, venture-backed healthcare exits over the last decade, including Ardian, Avidia, FoldRx, Hypnion, MicroVention, Morphotek, Orexigen, Perclose, Plexxikon, Proteolix, Threshold and Zeltiq.

"As Europe's importance in the development and commercialisation of breakthrough medical technologies continues to grow, Lightstone Ventures believes it is essential to establish a local European presence, said Lightstone partner Jason Lettmann, who will relocate to Dublin this summer to lead this Irish initiative.

Dublin's access to talent, innovation, and world-class research coupled with a fair and balanced regulatory approach make it an ideal location for such a hub.


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Source: TendersInfo (India)


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