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Lightstone Ventures Has €126m To Invest

US venture capital fund Lightstone Ventures is to partner with Enterprise Ireland (EI) and the National Pension Reserve Fund (NPRF) to establish a €126m VC fund to invest in Irish firms in the life sciences sector.

EI will put €20m into the fund, while the NPRF will invest €10m. Lightstone Ventures closed its first Irish-based deal, FIRE1, in December 2013. FIRE1 is a new company launched in conjunction with The Foundry, a medical device incubator.

The Series A investment round in the company was co-led by Lightstone Ventures and New Enterprise Associates. Global medical device leader Covidien 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.

Based in Silicon Valley and founded in 2012, Lightstone has opened an office in Dublin, which will be headed up by firm partner Jason Lettmann for the initiative. “As Europe's importance in the development and commercialisation 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,” he says.

The Lightstone team actively manages the Morgenthaler and ATV life science portfolios of more than 40 life science companies and has been involved in several large, venture-backed healthcare exits over the last decade, including Avidia, MicroVention, Orexigen and Zeltiq. (May 2014)

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