Evonik to invest in US start-up;

Speciality chemicals firm Evonik Industries is extending its corporate venture capital activities in the US with an investment in New Jersey-based early-stage investor Tech Council Ventures II. The German firm says it is investing a single-digit million US-dollar amount. Tech Council Ventures finances young, innovative start-up companies and actively supports them with their extended network in the Mid-Atlantic region on the east coast of the US.

The fund is based in New Brunswick, New Jersey, near Evonik’s US headquarters in Parsippany and will enable access to a local network of technology start-ups including academia and industry. The Mid-Atlantic States of New Jersey, Pennsylvania, Delaware, Connecticut, Maryland, Virginia and New York represent the second-largest venture-capital market in the country. In the US, Evonik Venture Capital is represented by Lutz Stoeber and Eric Breese, who are responsible for Evonik’s venture capital activities in North America.

Tech Council Ventures II focuses on areas that have a close fit to Evonik’s growth engines, areas which the company has identified as promising fields for future growth and development. The fund invests in start-ups in the fields of materials, life sciences, healthcare, internet of things and energy.

Evonik’s goal is to become a best-in-class specialty chemicals company, by helping secure access to disruptive technologies and innovative business models as well as supporting digital transformation. To this end, Evonik launched its second venture capital fund with a volume of EUR150 million at the beginning of 2019, more than doubling the amount under management to EUR250 million.