Dublin-based Seroba Kernel Life Sciences has closed its new fund at EUR 75M ($97M USD). The funds will be used to invest primarily in early- to mid-stage life science companies in Ireland and the U.K., with an average investment of EUR 5-EUR 7M ($6.5-$9M) per company.

While the fund will focus mainly on start up companies developing therapeutics, medical devices and diagnostics, there is potential to invest directly into public companies. Investors in the fund include Enterprise Ireland and Ireland’s National Pensions Reserve Fund.

Some of Seroba’s existing portfolio companies include AGI Therapeutics, Alimentary Health and Merrion Pharmaceuticals.

Peter Sandys, Managing Partner of Seroba, had this to say about the recent closing:

“We are delighted to announce our first close, particularly in the current economic environment, which I think speaks to the quality of our investment strategy. We feel this is an excellent time to launch a new life sciences fund as there are attractive entry valuations for new investors and an ongoing robust demand for new innovative healthcare products. With a broad base of tier 1 institutional investors our new fund is well positioned to capitalise on the significant investment opportunities within the Irish and European Life Sciences sector.”

Congrats! CEOs and labrats: Get you your pitches and pipettes ready (respectively).

Image from seroba-kernel

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