$37.5m investment for leading US venture capital fund - Bruton
Jobs Minister Richard Bruton today announced the first investment by Enterprise Ireland under the Innovation Fund Ireland programme in Sofinnova Ventures. Sofinnova Ventures is one of the premier US healthcare venture capital funds, recently raising their eighth fund, a $440M vehicle focused solely on life sciences, and the fund will be establishing a presence in the Irish Market.
Enterprise Ireland has committed $25 million to the Fund, alongside a commitment of $12.5 million by the National Pensions Reserve Fund.
Making the announcement in Silicon Valley Minister Bruton said:
Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy. Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key high-growth sectors. That is why the Programme for Government outlines the Government’s determination to support the development of a more dynamic venture capital industry in Ireland by seeking to attract top tier venture capitalists to invest in Ireland, and why the Action Plan for Jobs commits to delivering a number of key measures to step up our performance in this area.I look forward to welcoming the Sofinnova team to Ireland and connecting them with the best life sciences companies in Ireland.Read the full press release here.