| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Innovation Last Updated: Mar 15, 2012 - 10:11 AM


Bruton says Enterprise Ireland/ National Pensions Reserve Fund to invest $37.5m in US Sofinnova Ventures funds
By Finfacts Team
Mar 15, 2012 - 10:03 AM

Email this article
 Printer friendly page

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.”

Check out our new subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

It's a simple fact that in the prevailing economic climate, the provision of high quality content cannot be sustained through advertising alone. 

Business executives who put a premium on time and value high quality information, should use our service.

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Innovation
Latest Headlines
Big Pharma's internationalisation of R&D to China
The dangers of romanticising entrepreneurs despite key role
Silicon Valley and the development of the silicon microchip - Part 2
Ireland: Innovation with or without R&D/ scientific breakthroughs
UK government most open/ transparent in world; Ireland & Greece lowest ranking in Europe
10 questions about Switzerland's Solar Impulse aircraft – answered
Silicon Valley loses its silicon; Typical household income stagnates - Part 1
21st century skills are 18 century skills + a computer
Growing ICT sector in Europe accounts for 5% of employment
Should Ireland copy Singapore's scientific research investment plan?
Startups vs Scaleups: 4% of UK startups have 10+ employees 10 years later
Irish patent filings at European Patent Office fell in 2014
Facebook's maze of privacy settings maybe in breach of European law
Apple to invest €1.7bn in Irish and Danish data centres
Silicon Valley insider warns of dodgy $1bn valuations of private companies
Israel's Startup Nation not a jobs engine; Nor is Irish high tech
Established industries often beat new technology investment returns
Ireland: Noonan said EU to drop Apple tax case; Now expects court case
Irish R&D Tax Credit: No evidence of rising business innovation; Facts don't matter
Apple reports biggest profit of a public company in history
European firms raised €7.9bn in venture capital in 2014; US firms raised $52bn
Dublin's Silicon Docks: Separating hype and reality
Companies see significant room for improvement in their ability to innovate, EIU report shows
Ireland: 'Knowledge box' patent tax rate expected to be 5%
Scientists, entrepreneurs, investors sign open letter on artificial intelligence
40 global startups given valuations of $1 billion+ in 2014 led by China's Xiaomi
Web & News: Big brand newspapers, magazines finding digital model that works
2014 hottest year in Europe in 500 years - linked to global warming
Singapore fDi's Global City of the Future 2014/15; Dublin in fourth place
Facebook booked 48% of global revenues in Ireland in 2013; 0.34% of profits
Two extreme climate tales: ThuleTuvalu - melting and sinking
EU Industrial R&D Scoreboard: Tax-inverted brass-plate companies dominate in Ireland
Online payments firm Stripe founded by Limerick brothers valued at $3.5bn
Global Entrepreneurship 2015: Ireland in 12th rank in Europe, 17th in world for business startups
Tech accelerators and their value in Ireland and elsewhere
Irish venture capital funding of startups in 2014 plunges to 5% of total
Research on 3,000 tech startups since 1980: Grow fast or die slow
Innovation: China to overtake EU, US in science & technology spending in 2019 says OECD
Web Summit to select location for conference in Asia - Part 2
Web Summit expands to Asia - Part 1