Ireland commits $37.5m to venture capital fund

The Irish government has committed $37.5m (£24m) to venture capital specialists Sofinnova Ventures in order for them to establish a ’presence’ in Ireland.

Richard Bruton, the minister for jobs, enterprise and innovation, announced the first investment by Enterprise Ireland under the Innovation Fund Ireland programme in Sofinnova Ventures.

The fund in question is a $440m life sciences product and is the eighth to be formed by the US healthcare venture capital specialisits.

Bruton, commented on the government’s decision: “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.

“Healthcare and life sciences is a sector which the government has identified as having potential for high levels of employment growth, and today’s announcement will mean that more high-growth Irish companies can meet this leading life sciences fund.” (article continues below)

He adds: “I am determined that, with implementation of good government policies, we will see further development of a dynamic venture capital industry in Ireland.”

Enterprise Ireland has committed $25m to the fund along with a further $12.5m made available by the National Pensions Reserve Fund.