Germany-based chemicals producer Evonik launched its second corporate venture capital fund today with a €150m ($170m) commitment, increasing its funds under management to €250m.
Evonik formed its Evonik Venture Capital unit in 2012, providing an initial €100m, and corporate has since built up a 25-strong portfolio of direct and fund-of-fund investments.
Those portfolio companies include flame-retardant plastic developer FRX Polymers, decorative printing technology provider Velox and Structured Polymers, the 3D printing technology provider acquired by Evonik itself last month.
The latter deal feeds into the vehicle’s overall strategy, as it looks to connect Evonik to new technologies while also scouting out potential acquisition targets in Europe, North America, Asia and Israel, from offices in Germany, the US and China.
Bernhard Mohr, head of Evonik Venture Capital, said: “The extension of the fund volume to €250m manifests our ambition to establish Evonik Venture Capital as one of the global leading investors in the specialty chemicals space.”
The new fund’s formation also marks an increase in the firm’s investment scope. It will invest at series A and B stage, but has lifted its maximum investment capacity for a single deal from €5m at the time of its first fund to €15m per company.
