Nick Ashmore, ISIF’s Director of Innovation, said that he wanted start-ups in Ireland to develop new technologies for precision fermentation and biomanufacturing.
The Ireland Strategic Investment Fund has invested $65m into two funds run by US venture capitalist SOSV, which focus on biomanufacturing.
ISIF is Ireland’s sovereign investment arm. It supports economic activity and job creation in Ireland. Its latest investment is a $32.5m contribution to SOSV’s Ireland Biomanufacturing Fund. This fund will invest in companies in the Series A and later stages that are locating advanced biomanufacturing operations or precision fermentation in Ireland.
The firm’s recently-announced Fund V, its largest-ever investment, will receive an additional $32.5m. This fund is aimed at deep tech start-ups who innovate in the climate and healthcare spaces.
SOSV is an Irish-American investment firm based in Princeton, New Jersey. It makes 200 investments a year, ranging from pre-seed through to Series A and beyond. It runs start up programmes in New York, Newark, and San Francisco. Around 80 start-ups graduate each year. It also has operations at Cork.
Michael McGrath, Minister of Finance, stated that the latest ISIF investments are part of a series showing the State fund’s dedication to “investing into the ever-growing sector of biomanufacturing” and commented on how Ireland is now a “hub for Biomanufacturing”.
“Ireland has a great opportunity to become a leader in the emerging biomanufacturing industry, a high value, high skilled sector that will allow Ireland leverage its existing capabilities in the food, pharmaceuticals and renewable energy sectors, as well as the emerging opportunities for food and drink manufacturing and research,” said ISIF Director Nick Ashmore.
“ISIF makes this investment to support Ireland’s development of a biomanufacturing industry, including renewable energy and bio-based feedstocks, as well as an export-focused economic system that needs sustainable sourced goods to be competitive.”
ISIF announced in April a commitment of EUR278m to three new climate investments. These investments will support offshore wind developers, renewable energy developers, and energy transition startups. ISIF stated at the time that its total climate investment since 2021 has reached EUR636m. This is more than 63% of ISIF’s goal to invest EUR1bn into climate projects before 2026.
“Together, with SOSV, we want to build strong incentives for start-ups to make Ireland their home to develop new technologies in precision fermenting and biomanufacturing as well as scaling what they can achieve,” Ashmore added.
Disclosure: SOSV has invested in Silicon Republic.
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