€20 million investment in leading US international Life Sciences Venture
Capital Fund by Dept of Jobs through Enterprise Ireland
Investment will mean new funding for innovative companies to grow and
create jobs in Ireland
The Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today
(Tuesday) 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.
This is the third investment by the Department of Jobs, Enterprise and
Innovation through Enterprise Ireland under the Innovation Fund Ireland
programme. 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:
“Today’s announcement that Lightstone Ventures is partnering with
Enterprise Ireland and the NPRF to establish a fund that will invest in
innovative companies is a major boost for the Irish venture capital
industry and for the Irish Life Sciences sector. This sector has been
identified in the Action Plan for Jobs as a fast growing sector with
significant potential for job creation.
"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. 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. 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.”
Lightstone Ventures closed its first Irish-based deal, FIRE1, in December
2013. FIRE1 is a new company launched in conjunction with The Foundry, a
premier medical device incubator. The Series A investment round in the
company was co-led by Lightstone Ventures and New Enterprise Associates
(NEA). Global medical device leader Covidien plc (NYSE: COV) also invested
in the company. The board of the company is in the process of identifying a
number of key hires to drive the company forward.
“Lightstone Ventures is pleased to announce the opening of its Dublin
office", noted Lightstone Partner Jason Lettmann who will relocate to
Dublin this summer to lead this Irish initiative. "As Europe's importance
in the development and commercialization of breakthrough medical
technologies continues to grow, Lightstone Ventures believes it is
essential to establish a local European presence. 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".
Julie Sinnamon, CEO, Enterprise Ireland, commented: “I would like to
congratulate Lightstone Ventures on raising their fund and welcome them to
Ireland. Enterprise Ireland looks forward to working with the team to drive
the further development of the Irish life sciences sector”.
ENDS
For further information, please contact:
Press Office: Department of Jobs, Enterprise and Innovation, 01 631 2222
Press Office: Enterprise Ireland 01-7272805
Notes to the Editor:
Lightstone Ventures
Lightstone Ventures (LSV) was founded in 2012 by the Life Science Partners
of Advanced Technology Ventures (ATV) and Morgenthaler Ventures to focus on
novel breakthrough medical devices and biopharmaceuticals. The Lightstone
team actively manages the Morgenthaler and ATV life science portfolios of
more than 40 life science companies and has been involved in several of the
largest, venture-backed healthcare exits over the last decade including:
Ardian, Avidia, FoldRx, Hypnion, MicroVention, Morphotek, Orexigen,
Perclose, Plexxikon, Proteolix, Threshold and Zeltiq. Lightstone is an
international firm with offices in Palo Alto, Calif., Boulder, Colo.,
Boston, Mass and Dublin, Ireland (opening in 2014). For more information,
visit www.lightstonevc.com.
Innovation Fund Ireland
Two calls for expressions of interest under Innovation Fund Ireland have
been issued by Enterprise Ireland to date. The original Exchequer funding
commitment, managed by EI, was €125m. VCs receiving a commitment from
Enterprise Ireland shall establish a presence in Ireland to invest in Irish
companies or companies with significant operations in Ireland. An
equivalent amount is managed by the NPRF within their commercial mandate.
This is the third announcement by Enterprise Ireland.