A first close of €100 million is announced on a new life sciences fund to capitalise on significant investment opportunities in the Irish and European Life Sciences sector
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.
Speaking about Seroba’s investment in Endotronix, Jennifer McMahon said: “We believe that the Cordella system has the capacity to transform the management of chronic heart failure, a disease that places a huge burden on healthcare systems worldwide. The Cordella system will be well positioned to deliver better patient care to those suffering from this debilitating disease and we in Seroba look forward to being a part of this future success.”
A number of additional investments for the fund are in the process of being completed.
For further information, please contact:
Mr. Peter Sandys, Managing Partner, Seroba Life Sciences.
Tel: +353 1 6334028.
Enterprise Ireland Queries: Nicola Corboy
Press & Media Relations
+353 1 727 2973
E-mail: Nicola.corboy@enterprise-ireland.com
Ireland Strategic Investment Fund Queries: David Clerkin
Tel: +353 87 830 1779
E-mail: ntma@gordonmrm.ie
About the European Investment Fund
The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
About Enterprise Ireland
Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. In this way, we support sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com
About Seroba Life Sciences (Seroba)
Seroba is a European life sciences venture capital firm, focused on investing in breakthrough healthcare technologies.
Headquartered in Dublin, Ireland, we work with top quality entrepreneurs developing innovative medical devices and therapeutic drugs. We fund new healthcare opportunities through key value-adding stages, from inception through development and clinical evaluation, regulatory approvals and market launch and partnering with leading pharmaceutical or medtech companies.
Our team combines in-depth scientific and medical knowledge with broad regulatory and commercial expertise. We are known for patience, understanding, commitment and passion, well-demonstrated by the calibre of entrepreneurs we back, and an overriding focus on delivering improvements to people’s lives and value to our stakeholders. Follow our story at www.seroba-lifesciences.com
About Endotronix
Endotronix, a digital health medtech company, is developing an integrated platform to provide comprehensive, reimbursable health management tools for patients suffering from advanced heart failure. The company’s solution, the CordellaTM Heart Failure System, includes a cloud-based disease management data system and outpatient hemodynamic management with a breakthrough implantable wireless pulmonary artery sensor for early detection of worsening heart failure. Learn more at http://www.endotronix.com
About The Ireland Strategic Investment Fund
The Ireland Strategic Investment Fund (€8.1 billion at end Sept. 2016) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The fund, which is controlled and managed by the National Treasury Management Agency (NTMA), has made investment commitments to date of €2.4 billion (including investments made by its predecessor, the National Pensions Reserve Fund). For more information about the Ireland Strategic Investment Fund and how it invests visit www.isif.ie
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