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Speaking at the launch of the fund, Minister for Enterprise, Trade and Employment, Micheál Martin T.D, said " A dynamic and healthy venture capital market is a prerequisite for the growth and development of high potential start-up companies in Ireland. I am delighted to announce the establishment of Fountain Healthcare Partners I, the fourth fund to be established under the Enterprise Ireland Seed and Venture Capital Scheme 2007-2012."
"The life science, healthcare and pharmaceutical sectors are key sectors in the Irish economy employing over 40,000 people in Ireland. The Fountain Fund is therefore very significant given its size and its focus on the life sciences sector." he added.
Fountain is a product-focused VC fund and will invest in companies with product development programmes that have a defined pathway to commercialisation, value enhancement and exit. The principals will take an active role with investees and will bring considerable industry expertise and a deep network of contacts in the US, Europe and Asia to investee companies.
The Fund will invest EUR0.5m to EUR7.0 million per company and will have an emphasis on the following sub-sectors: specialty pharmaceuticals , biotechnology, medical devices and diagnostics. Fountain will invest this capital over multiple funding rounds alongside international and domestic life science focused VC firms.
Fountain's investment premise holds that the global lifescience sector dynamics are currently very favourable for smaller venture backed private companies. Fountain also maintains that the Irish life science industry is at a turning point and has been underserved from a VC perspective.
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