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Evonik now has access to one of the fast growing venture capital regions in the world. Through its investment into Chinese venture capital fund GRC SinoGreen Fund III (GRC III), Evonik has expanded its venture capital activities into Asia. Both parties have agreed to not disclose the amount of the investment. With this move, Evonik is now represented in the most important venture capital regions of North America, Europe, and Asia. GRC invests in private, green technology companies with strong prrsence and growth potential in Greater China. Target sectors include energy and resource efficiency, cleaner transportation, sustainability, and climate change mitigation and adaptation. GRC III has offices in Beijing and Taipei.
The past years saw Asia transforming to become the world’s third-most important venture capital region. China accounts for about two-thirds of these activities.
"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. 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.
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.
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.
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