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New $172million venture capital fund to set up in Ireland with support from Enterprise Ireland and NPRF

The Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. recently announced that Lightstone Ventures is partnering with Enterprise Ireland and the NPRF to establish a $172million 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 $172million. Enterprise Ireland has invested €20million in the fund alongside a commitment of €10million from the National Pensions Reserve Fund.

This announcement will result in new funding being available for innovative companies in the Life Sciences sector in Ireland to support company development and job creation.

Lightstone Ventures closed its first Irish-based deal, FIRE1, in December 2013. FIRE1 is a new company launched in conjunction with The Foundry, a premier medical device incubator. The Series A investment round in the company was co-led by Lightstone Ventures and New Enterprise Associates (NEA). Global medical device leader Covidien plc (NYSE: COV) also invested in the company. The board of the company is in the process of identifying a number of key hires to drive the company forward.

"Lightstone Ventures is pleased to announce the opening of its Dublin office", noted Lightstone Partner Jason Lettmann who will relocate to Dublin this summer to lead this Irish initiative. "As Europe's importance in the development and commercialization of breakthrough medical technologies continues to grow, Lightstone Ventures believes it is essential to establish a local European presence. Dublin's access to talent, innovation, and world class research coupled with a fair and balanced regulatory approach make it an ideal location for such a hub".

Pictured l-r Paul Carty, Chairman, NPRF Commission; Jason Lettmann, Partner, Lightstone Venture Partners; Julie Sinnamon, CEO, Enterprise Ireland; Mike Carusi, General Partner, Lightstone Venture Partners; Richard Bruton, TD, Minister for Jobs, Enterprise and Innovation.

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