Minister for Jobs, Enterprise and Innovation, Richard Bruton has announced a new €85m capital fund which will be managed by venture capital group, Fountain Healthcare Partners.
The project is designed to make funds available for startups and emerging companies in the life sciences sector. Fountain is expected to use the money to make between 10 and 15 investments in specialty pharmaceuticals, biotechnology, diagnostics and medical devices.
The Department for Jobs, Enterprise and Innovation will invest €15m in the fund through Enterprise Ireland.
The rest of the money has come from institutional investors including investments through the Irish Strategic Investment Fund and the European Investment Fund.
Making the announcement Minister 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."
Fountain Healthcare Partners is a life science venture capital fund with offices in Dublin and New York. It is Ireland’s largest dedicated life science venture capital fund, total capital of €158m is now under its management.
