Evonik expands venture capital activities into Asia
"By investing in GRC III, we are opening the door to the fast growing start-up community in Greater China," explained Bernhard Mohr, head of Venture Capital at Evonik. "With GRC we have found a strong partner with a proven track record and with immediate relevance to our own business activities."
Aside from Evonik, the investor base of GRC III includes the World Bank subsidiary International Finance Corporation, the development bank Netherlands Development Finance Company (FMO) and Shell Technology Ventures, the venture capital arm of Shell.
"We would like to welcome our new investor" said Eric Wang, general partner of GRC. "With Evonik, we have added an important strategic partner to our investor base."
Investments in funds are an important element of Evonik's venture capital activities. Previously, Evonik had invested in the European and North American venture capital funds Pangaea Ventures Fund III, Emerald Cleantech Fund III, and High-Tech Gründerfonds II.
"The collaboration with venture capital funds and innovative startups complements our open innovation strategy and creates excellent opportunities for accelerating the development of new businesses and opening up new growth fields," said Mohr. As part of its venture capital activities, Evonik plans to invest a total of €100 million in promising start-ups with innovative technologies and in leading specialized venture capital funds. The regional focus is on Europe, the US, and Asia. Evonik currently has holdings in eight start-ups and four funds.