The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor yesterday announced the first close of €100 million of the Seroba Life Sciences Fund III which provides significant investment opportunities for the life sciences sector in Europe.
This is the fifth fund supported by Government through Enterprise Ireland’s €175m Seed and Venture Capital Programme 2013 - 2018.
Headquartered in Dublin, Seroba Life Sciences (Seroba) has an experienced fund management team, based in both Ireland and the UK. The closing of the new fund, Seroba’s third, builds on the firm’s track record of success in life science investing.
The new Seroba fund will have a similar investment strategy to its predecessor, dedicated to product-focused, innovative, early and mid-stage life sciences companies in Ireland, the UK and other European markets that offer a potential significant return on investment.
A limited number of investments may also be made in the United States as well as in US companies wishing to establish a presence in Ireland in order to leverage the Irish life sciences ecosystem. The fund will focus primarily on therapeutics and medical devices but will also consider other opportunities in the life sciences sector.
The Seroba fund will lead or co-lead its investments, typically taking a board seat and supporting the company as it develops and grows. Over the lifetime of each investment, it is expected that Seroba will invest up to €10m per company.
In the first close on its Fund III, Seroba welcomed returning investors with investments from Enterprise Ireland, the Ireland Strategic Investment Fund, current institutional investors and also expanded its investor base with new investors including the European Investment Fund.
Making the announcement, Minister Mitchell O’Connor said, "Venture capital is essential for the growth and development of successful high potential Irish business and I am delighted to announce the creation of Seroba’s third fund. This fund is very important, marking a significant increase in the availability of capital for companies in the life sciences sector."
Source: www.businessworld.ie
