Enterprise Ireland, the Irish government's trade and technology body, has announced the establishmen...
Enterprise Ireland, the Irish government's trade and technology body, has announced the establishment of a venture capital fund dedicated to financing innovative biotechnology companies.
The fund is a public/private partnership between Enterprise Ireland and Seroba BioVentures and has a target size of £15m. A first round closing of £10m has already been completed but further assets are being sought.
The fund, to be managed by Seroba BioVentures, aims to fulfil the new 'Building Biotech Businesses' strategy announced by Enterprise Ireland, to grow and develop the entrepreneurial biotechnology and life-sciences industries.
Mary Harney, Irish deputy prime minister and minister for enterprise, trade and employment, said: 'The Enterprise Ireland strategy seeks to maximise the creation, and nurture the development of new commercially-focused early-stage biotechnology companies in Ireland.'
Enterprise Ireland will support market-led research in universities and will look to attract bio-entrepreneurs with international experience who have gone abroad, as well as building management around scientific teams.
It will also assist with the development of business plans, give pre-venture support to early- stage companies and look to co-fund companies who succeed in getting venture capital support.
Contact: Charlotte Farmer on 020 7318 7600.
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