New $172million venture capital fund to set up in Ireland
Pictured from left Jason Lettmann, Partner, LSV, Paul Carty, Chairman NRPF, Julie Sinnamon, CEO Enterprise Ireland, Jobs Minister Richard Bruton and Mike Carusi, General Partner LSV.
Jobs Minister Richard Bruton today announced that Lightstone Ventures is partnering with Enterprise Ireland and the NPRF to establish a $172million venture capital fund with offices in Ireland that will invest in innovative Irish companies.
Lightstone Ventures is a leading US venture capital fund that has recently raised a fund of $172million. Enterprise Ireland has invested €20million in the fund alongside a commitment of €10million from the
National Pensions Reserve Fund.
Today’s announcement will result in new funding being available for innovative companies in the Life Sciences sector in Ireland to support company development and job creation.
Making the announcement Minister Bruton said:
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. I am confident that the establishment of this fund will directly improve the chances for innovative Irish companies to access the funding, mentoring and networks they need and provide a major boost for job-creation in Ireland.
Read the full press release here