$125m transatlantic health tech investment fund launches
Edinburgh-based venture capital firm Par Equity is to open its first US office in San Francisco, First Minister Nicola Sturgeon has confirmed.
Par Equity facilitates investment into smaller companies with high growth potential and has launched a $125 million fund, focussed on health technology, for which it will be seeking transatlantic investment.
The firm, which was founded in 2008, will support Scottish companies to expand into the US while meeting the current demand to bring US companies to Scotland.
The USA is Scotland’s top source of inward investment, accounting for 36% of inward investment projects and is Scotland’s second largest export partner – worth £4.56 billion a year, making up 15.9% of all international exports.
The First Minister met representatives from Par Equity at Stanford University ahead of making a speech on Scotland’s place in the world.
She said: “Scotland’s performance in the science and technology sector continues to grow and this announcement is testament to its success both at home and abroad.
“The Par Equity Fund will be the first Scottish venture capital firm to be fully regulated in both the UK and the US and I hope this will be the first of many success stories in our health technology sector.”
William Guilfoyle, Managing Director of Par Equity, USA, said: “We are excited for the opportunity to work with Scotland’s international leadership team in facilitating medical technology investment across the US and UK, which will promote strong growth while enhancing the lives of both Scottish and U.S. citizens.”
Dr Lena Wilson, Chief Executive of Scottish Enterprise, said: “We have co-invested with Par Equity in some of Scotland’s most exciting and ambitious early stage growth companies and today’s announcement will open up new opportunities for many of them, as well as their peers in the US.
“This will also help cement Scotland’s growing reputation for its health technologies and as a great place for globally-minded companies to locate and grow.”