The town of Jupiter on Wednesday approved a $300,000 loan guarantee for ESI Florida, a biotechnology investment company that plans to create 150 jobs.
The company, also known as Endeavour Strategic Investments, is the U.S. affiliate of New Zealand-based Endeavour Capital, an investment fund started in 1999 by Neville Jordan. The company plans to lease 27,000 square feet for office and lab space in Jupiter and raise $15 million in capital, which would be combined with $35 million in equity to create a $50 million fund to invest in local biotechnology companies and facilitate start up companies in that field.
The loan will come from Jupiter’s $3 million economic development fund, which was established to assist life science companies after the Scripps Research Institute opened in the town.
Endeavour Capital recently announced a $25 million investment partnership with Florida Regional Center, a life science office project in Jupiter.
