Mary Harney, Minister for Enterprise, Trade and Employment, also announced details of Ireland’s first venture capital fund dedicated solely to the biotechnology sector. The fund is a public private partnership between Enterprise Ireland and Seroba BioVentrues, which has a target size of €25 million, and has already completed a first round closing of €15 million.
“The Government is committed to developing the right long-term policies and investing in the key areas needed to sustain and grow the economy through the next generation,” said Harney. “Biotechnology is predicted to be a major basis for economic growth in the 21st Century. While the current state of the indigenous biotechnology industry is small, the medium-term objective of Enterprise Ireland is within five years to have increased the number of companies from a current base of 21 to 60 and the number of people employed in the sector from 400 presently to 1800.”