Industrial product manufacturer Evonik has provided an undisclosed amount of funding to China-based venture capital fund GRC SinoGreen Fund III, marking its entry into Asian corporate venturing.
GRC SinoGreen supplies funding to green or environmental technology developers based in the Greater China region, including those working on energy and resource efficiency, cleaner transport, sustainability, and climate change mitigation or adaptation.
The fund’s limited partners already include Shell Technology Ventures, the corporate venturing arm of oil and gas company Shell, development bank Netherlands Development Finance Company and International Finance Corporation, the private investment arm of the World Bank.
Evonik’s commitment to GRC SinoGreen III follows similar investments in Pangaea Ventures Fund III, Emerald Cleantech Fund III and High-Tech Gruenderfonds II.
Bernhard Mohr, Evonik’s head of venture capital, said: “By investing in GRC III, we are opening the door to the fast growing start-up community in Greater China.
“With GRC we have found a strong partner with a proven track record and with immediate relevance to our own business activities.”