Chemicals manufacturer Evonik provided an undisclosed sum on Tuesday for Digital Growth Fund I, a fund that Germany-based private equity firm Digital+ Partners aims to close at €300m ($354m).
Digital Growth Fund I will back industrial and financial technology developers with a business-to-business focus, and is primarily focusing on startups based in Germany, Austria and Switzerland.
Evonik has earmarked approximately €100m in investment for technology startups and funds in Europe, North America and Asia as part of an open innovation strategy that will also include €100m for digital technologies testing and development by 2020.
The corporate currently has stakes in more than 20 companies and funds, including Airborne Oil & Gas, FRX Polymers, Emerald Technology Ventures, GRC SinoGreen Fund and Pangaea Ventures Fund III.
Henrik Hahn, Evonik’s chief digital officer, said: “We are also relying on strategic partnerships with startups. Our strategic investment in Digital Growth Fund I provides access to young technology companies with relevance for Evonik.”