€85m Life Sciences Venture Capital Fund

A new €85m life sciences venture capital fund has been launched following €15m investment by the Department of Jobs.

Fountain Healthcare Partners is to manage the fund, which is a dedicated life sciences (specialty pharmaceuticals, biotechnology, medical devices and diagnostics) venture capital (VC) firm. It brings Fountain’s total capital under management to €158m. It is expected to make 10-15 investments during its lifetimes.

The Department of Jobs said analysis of the Seed and Venture Capital Scheme 2007-2012 indicates that for every €100m, over €70m of that is invested in Irish companies, with the creation of over 1,000 jobs here.

Jobs Minister Richard Bruton said: "A key part of the Government’s Action Plan for Jobs is putting in place new sources of credit for Irish businesses, as part of our drive to create a powerful engine of Irish enterprise. Over the past three years we have established new finance schemes which are making available a total of well over €2bn to Irish businesses.

"International evidence shows that the presence of a dynamic seed and venture industry is crucial to this. To support more innovative and internationally oriented start-ups that can go fast to market and scale, we must increase the availability of venture capital to facilitate company growth and job creation. In this context, I am delighted to welcome the establishment of this new €85m venture capital fund from Fountain Healthcare. This will increase the availability of funding for the innovative Irish life sciences companies we are trying to support – and help them grow faster and ultimately create the jobs we need right around the country."

Julie Sinnamon, CEO Enterprise Ireland, commented: "I would like to congratulate Fountain Healthcare Partners on their success in raising their second fund. Enterprise Ireland looks forward to working with the team to drive the further development and growth of the Irish life sciences sector."


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