German specialty chemicals giant Evonik AG is expanding its venture capital investment into Asia, by taking a position in China's GRC SinoGreen Fund III (GRC III).
GRC focuses on material-related start-ups in the Greater China region, investing in private, green technology companies with unique strengths and substantial growth potential. Target sectors include energy and resource efficiency, cleaner transportation, sustainability, and climate change mitigation and adaptation.
“By investing in GRC III, we are opening the door to the fast growing start-up community in Greater China,” remarked Bernhard Mohr, head of Venture Capital at Evonik.
“The collaboration with venture capital funds and innovative start-ups complements our open innovation strategy and creates excellent opportunities for accelerating the development of new businesses and opening up new growth fields,” he added.
As part of its venture capital activities, Evonik plans to invest a total of 100 million euros ($108.6 million) in promising start-ups with innovative technologies and in leading specialized venture capital funds. The regional focus is on Europe, the U.S., and Asia. Evonik currently has holdings in eight start-ups and four funds.
Asia has evolved into the world's third-most important venture capital region, Evonik said, with China accounting for about two thirds of these activities.