Minister for Jobs, Enterprise & Innovation Richard Bruton has announced that Lightstone Ventures is partnering with Enterprise Ireland and the National Pensions Reserve Fund to establish a $172 million venture capital fund with offices in Ireland that will invest in innovative Irish companies.
This is the third investment by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland under the Innovation Fund Ireland programme. Lightstone Ventures is a leading US venture capital fund that has recently raised a fund of $172 million. Enterprise Ireland has invested €20 million in the fund alongside a commitment of €10 million from the National Pensions Reserve Fund.
Minister Bruton said: “Today’s announcement that Lightstone Ventures is partnering with Enterprise Ireland and the NPRF to establish a fund that will invest in innovative companies is a major boost for the Irish venture capital industry and for the Irish Life Sciences sector.”
Lightstone Ventures closed its first Irish-based deal with Fire1, in December 2013. Fire1 is a new company launched in conjunction with The Foundry, a medical device incubator. The Series A investment round in the company was co-led by Lightstone Ventures and New Enterprise Associates. Global medical device manufacturer Covidien also invested in the company.
“Lightstone Ventures is pleased to announce the opening of its Dublin office,” said Lightstone partner Jason Lettmann who will relocate to Dublin this summer. “As Europe’s importance in the development and commercialisation of breakthrough medical technologies continues to grow, Lightstone Ventures believes it is essential to establish a local European presence.”
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