Bruton announces $37.5m investment in US healthcare venture capital fund

Enterprise Minister Richard Bruton has announced an investment worth $37.5m (€28.7m) in a US healthcare venture capital fund.

The investment under the Innovation Fund Ireland programme will see Sofinnova Ventures establish a presence in the Irish market.

Enterprise Ireland has committed $25m to the fund, alongside a commitment of $12.5m by the National Pensions Reserve Fund.

Minister Bruton made the announcement in Silicon Valley today.

“Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy," he said.

"Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key high-growth sectors."

The minister said the Government was determined to support the development of a more dynamic venture capital industry in Ireland by seeking to attract top tier venture capitalists to invest here.

"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," he added.

Sofinnova Ventures has over 40 years of experience building start-ups and corporate spin-outs into market leaders.

With $1.4bn under management, the firm applies capital and expertise to guide companies to successful exits and has offices in Menlo Park and La Jolla, California..

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Here are the 24 finalists for Ireland's Best Young Entrepreneur awards

You can tell if an elderly person is going to fall in their home three weeks before it happens with these sensors

Why buying a second-hand car could actually be a security risk

Unilever shares plunge after Kraft Heinz merger bid scrapped


Today's Stories

Irish debit card spend outside Republic soars

Government cuts value of AIB by modest €900m

Topaz aims to stretch lead over rivals with 24-hour motorway station

Why Unilever may have turned its back on Kraft Heinz

Lifestyle

Sounds of sibling revelry

I’m cheering on Natalie Portman and Ruth Negga for Oscars

Living with dying

Making cents: Weighing up the expense of health insurance

More From The Irish Examiner