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Dublin: 5 °C Sunday 23 November, 2014

Venture capitalists set up in Dublin to provide €172 million to Life Sciences sector

Lightstone Ventures will be using the city as a base for its European operations.

Minister for Jobs Richard Bruton
Minister for Jobs Richard Bruton
Image: Mark Stedman/Photocall Ireland

A VENTURE CAPITALIST fund is setting up in Ireland with the aim of pumping millions into the Life Sciences sector.

Working with Enterprise Ireland, more than €170 million will made available through US company Lightstone Ventures, who will be using Dublin as a base for its European operations.

The two-year-old company has already funded dozens of science projects, including the Irish-based deal FIRE1, launched in conjunction with medical device incubator company The Foundry late last year.

Minister for Jobs Richard Bruton said it would boost both the Irish venture capital industry and Life Sciences sector.

He said: “I am confident that the establishment of this fund will directly improve the chances for innovative Irish companies to access the funding, mentoring and networks they need and provide a major boost for job-creation in Ireland.”

Lightstone Ventures partner Jason Lettmann, who will be leading the company’s Dublin operation, said he saw it as essential to establish a presence in Europe.

He added that Ireland’s “fair and balanced regulatory approach”, as well as the available talent pool, made it a suitable location.

Read: Irish angel investors turn 700 per cent profit >

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