Merck, a Germany-based healthcare company, has started a RMB100m (€/$13m) seed fund for startups in China after opening an innovation hub in Shanghai and plans for another one in Guangzhou this month.
Run by Merck’s overall €300m strategic corporate venturing unit and Merck China innovation hub jointly, the new seed fund will invest between €500,000 and €1m in each deal with a connection to healthcare, life science, performance materials or new businesses.
Stefan Oschmann, CEO and chairman of the executive board of Merck, said: “This is the first activity of our corporate strategic venture arm in China,” although six startups from China and other Asian countries have taken part in the first phase of the Merck Accelerator in China.
