Dublin, Ireland. 2 February, 2017. – Seroba has announced the Seroba Life Sciences Fund III with a first close of €100 million.
Headquartered in Dublin, Seroba Life Sciences (Seroba) has an experienced fund management team based in both Ireland and the UK. The closing of the new fund, Seroba’s third, builds on the firm’s track record of success in life science investing.
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 potential significant return on investment. A limited number of investments may also be made in the United States as well as in US companies wishing to establish a presence in Ireland in order to leverage the Irish life sciences ecosystem.
The Seroba fund will focus primarily on therapeutics and medical devices but will also consider other opportunities in the life sciences sector. Seroba 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.
In the first close on its Fund III, Seroba welcomed returning investors, with investments from Enterprise Ireland, the Ireland Strategic Investment Fund, current institutional investors and also expanded its investor base with new investors including the European Investment Fund.
Peter Sandys, Managing Partner of Seroba, commenting on the new fund said: “We are delighted to announce our first close at €100m. 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. 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.”
As part of the fund closing, Seroba’s investment team has been expanded with James Greene an experienced, serial medtech entrepreneur joining the venture capital firm as partner. Jim is the former founder and CEO of several successful medtech start-ups including Apica, APK and Mitral Solutions and he was previously with Perclose, Medtronic and Bioheart.
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 CordellaTM Heart Failure system combines a cloud-based patient management system and an implantable pulmonary artery sensor for improved outpatient hemodynamic management.
There are more than 20 million people suffering from heart failure worldwide and it is the leading cause of hospitalisation for people over 65. The CordellaTM wireless solution seamlessly integrates daily clinical monitoring of key physiological data with improved communication between patients, caregivers and clinicians for earlier detection of worsening heart failure. Seroba has participated in a $32 million Series C round of financing alongside a strong international syndicate of healthcare investors which includes BioVentures Investors, SV Life Sciences, Lumira Capital, Aperture Venture Partners and OSF Ventures. The investment was led by Jennifer McMahon who will be the fund’s representative on the board of Endotronix.
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