The Western Development Commission (WDC) has announced a milestone achievement as it reaches its 50th investment in MedTech and Life Sciences companies, reinforcing the Western Region’s reputation as a global centre of excellence for medical innovation, research, and manufacturing.
Established as Ireland’s only evergreen investment fund, the Western Investment Fund plays a uniquely catalytic role by reinvesting all returns back into the region. Over 25 years, the fund has become one of the largest indigenous MedTech portfolios in the country, supporting companies that have collectively spent €420 million on R&D, generated more than 1,000 patents, and produced technologies that treat millions of patients worldwide.
WIF backed portfolio companies have generated €1.7 billion in revenues (€4.8 billion on an economy-wide basis), created almost 6000 direct and indirect jobs, and attracted more than €400 million in leveraged public and private investment, representing a 13-times multiplier on WIF’s own contribution. A further €600 million has been realised through trade sales and exits, many of which have brought significant foreign direct investment into the region.
Breakthrough companies supported by the fund include Aerogen, Neuravi, Cambus Medical, Whiteswell, Bluedrop Medical, Amara Therapeutics, Vivasure Medical, Signum Surgical and Aurigen Medical. The companies supported are developing disruptive, patient-focused technologies across acute care, stroke treatment, digital therapeutics, microtissue screening, and vaccine production.
These innovations have targeted urgent global needs including heart failure, diabetic care, women’s health, infectious disease, and minimally invasive surgical technologies.
The WIF’s impact is underpinned by a deep collaborative ethos spanning founders, investors, multinational acquirers, universities, research institutes, and state partners. Its long-standing relationships with University of Galway, the Atlantic Technological University (ATU), Enterprise Ireland, and a vibrant angel investor community have been central to its success.
The fund has also helped seed 12 BioInnovate spinouts, supported dozens of ATU iHub companies, and contributed to emerging innovation clusters such as CREW and the AIM Centre.
Allan Mulrooney, CEO of the Western Development Commission, said:
“Reaching our 50th MedTech investment is more than a milestone; it is a testament to the vision, ambition, and resilience of founders across the West and Northwest of Ireland. These entrepreneurs are developing technologies that save lives, transform patient care, and compete on the world stage. Our role is to back them early, share their journey, and ensure that regional innovation has the funding and support it needs to thrive. This achievement shows what patient, place-based investment can deliver for Ireland’s economy and society.”
Gillian Buckley, Head of Investment at the WDC, added:
“From our very first MedTech investment to our 50th, the Western Investment Fund has always believed in the power of collaboration. Our companies have attracted over €400 million in additional funding, generated €2.4 billion for the Irish economy, and created a virtuous cycle where founders become repeat entrepreneurs, angel investors, and mentors. The Western Region is now recognised internationally for MedTech excellence, and the WDC is proud to have played a central role in building that ecosystem.”
Barry Comerford, Co-Founder of Cambus Medical and former director of Freudenberg Medical, said:
“The support of the Western Investment Fund has been absolutely vital to the growth and resilience of the MedTech sector in the West. Their commitment goes far beyond funding; they understand the challenges of building and scaling high-tech companies outside the main urban centres. That kind of patient, regionally focused investment has helped create not only jobs, but an ecosystem where innovation and collaboration can truly thrive.”
The fund’s impact extends beyond finance. WIF-backed companies boast 70 percent graduate employment, strong gender diversity in leadership, and a growing cohort of serial founders who continue to invest in and mentor the next generation of innovators. In addition to its MedTech strengths, the WDC also invests in a wide range of other sectors, with a portfolio of over 150 SMEs spanning technology, creative industries, renewable energy, and high-potential rural enterprises.
Looking ahead, The WDC will continue to scale its impact, reinvesting returns, expanding partnerships, and supporting disruptive technologies that address some of the world’s most pressing health challenges.
