In a boost for the European life sciences start-up ecosystem, Dublin venture capital firm Seroba has closed its €100m Life Sciences Fund III.
This is the fifth fund supported by the Government through Enterprise Ireland’s €175m Seed and Venture Capital Programme 2013-2018.
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 potentially significant return on investment.
‘With a broad base of high-quality investors, our new fund is well positioned to capitalise on the significant investment opportunities within the Irish and European life sciences sector’
– PETER SANDYS
Some investments may also be made in the US, as well as in US companies wishing to establish a presence in Ireland.
“This fund is very important, marking a significant increase in the availability of capital for companies in the life sciences sector,” said the Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor, TD.
Bringing science to life
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.
Dublin-headquartered Seroba has a strong track record of successful investments in life sciences start-ups.
“We feel this is an excellent time to launch a new life sciences fund, as there is a strong pipeline of investment opportunities and an ongoing robust demand for new innovative products from the healthcare industry,” said Peter Sandys, managing director of Seroba.
“With a broad base of high-quality investors, our new fund is well positioned to capitalise on the significant investment opportunities within the Irish and European life sciences sector.”
The first investment of the new fund has been made in Endotronix Ireland Limited, a subsidiary of medtech and digital health company, Endotronix Inc.
Endotronix’s Cordella Heart Failure system combines a cloud-based patient management system and an implantable pulmonary artery sensor for improved outpatient haemodynamic management.
“Ireland continues to rapidly grow as a leading global health and life sciences hub and I would like to congratulate Seroba on their success in raising their third fund, which will assist in providing the healthcare market with leading innovative, effective, scalable products and services,” said Walter Hobbs, executive director of Enterprise Ireland.
“Enterprise Ireland looks forward to working with the team to drive the further development and growth of the Irish life sciences sector in global markets.”