The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today made an an announcement on a $37.5m investment under the Innovation Fund Ireland programme in Sofinnova Ventures. Sofinnova Ventures is said to be "one of the premier US healthcare venture capital funds, recently raising their eighth fund, a $440M vehicle focused solely on life sciences," and the fund will be establishing a presence in the Irish Market. Enterprise Ireland has committed $25 million to the Fund, alongside a commitment of $12.5 million by the National Pensions Reserve Fund.

It appears that the US venture capital firm is being paid to open an office in Dublin. 

Making the announcement in Bruton said:  “Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy. Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key high-growth sectors. That is why 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, and why the Action Plan for Jobs commits to delivering a number of key measures to step up our performance in this area”. 

“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. 

"I am determined that, with implementation of good Government policies, we will see further development of a dynamic venture capital industry in Ireland. In this way, high-growth Irish companies will have access to the funding they need and we can help achieve the levels of growth we so badly need". 

"I look forward to welcoming the Sofinnova team to Ireland and connecting them with the best life sciences companies in Ireland.” 

Mike Powell, General Partner of Sofinnova said, “We are pleased to welcome Enterprise Ireland and the National Pensions Reserve Board as Limited Partners to our next fund, and they nicely complement the global and strong investor base we have in Sofinnova Ventures VIII.  Ireland has produced several outstanding life science companies, including the Sofinnova portfolio company, Amarin Corporation. We look forward to continuing to build industry leading companies for our investors.”

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