New £50 million to support life sciences
Date: 22 January 2013
Source: Scottish Enterprise Media Centre
Scottish Enterprise is one of the investors in a new, £50 million venture capital fund focused on supporting early-stage life science and health technology companies.
The fund, managed by Rock Spring Ventures EU LP (RSV-EU) and based in Scotland, will invest in:
Young companies developing novel approaches to unmet needs in the study and treatment of major diseases
Technologies designed to deliver advances in healthcare
Early commitments from an unprecedented syndicate of international investors have already secured more than half the fund's £50 million target. Investors include:
The European Investment Fund (EIF)
Scottish Enterprise through the Scottish Investment Bank
Strathclyde Pension Fund
Rock Spring Ventures LP (RSV-US)
The Universities of Glasgow, Edinburgh and Aberdeen
Kerry Sharp, acting head of the Scottish Investment Bank, said: "The lack of access to capital is having a profound effect on life sciences companies and their ability to grow.
"Scottish companies in particular are having a hard time finding the finance they need. This new fund represents a unique opportunity for us to support the sector in Scotland.
"The fact that RSV has chosen to base their operations here shows great confidence in the Scottish life sciences sector and the people and organisations working in it. We're very pleased to be working with them in helping the sector to grow."
RSV-EU is led by a sector-specific investment team with significant company-building experience. Managing partners Sinclair Dunlop and (Ms) Kyp Sirinakis have managed three US-based venture funds during the last fifteen years. Dunlop recently returned from the US to his native Scotland to launch the new fund.
"We are particularly excited to be partnering with a unique investor group that includes three of Scotland's world-class universities to provide the capital needed to realise the full potential of their spin-out companies", said Sinclair Dunlop.
"The incredible strength of the research base across the UK, and in Scotland in particular, makes it a natural location for us. We believe early-stage life science and health technology companies in Scotland and the rest of the UK offer the potential for strong financial returns to our investors.
"We also believe that what we're now setting in motion will, in time, play an important part in further developing the commercial potential of early-stage life sciences research across the UK."