Evonik is extending its corporate venture capital activities in the U.S. with an investment into Tech Council Ventures II. Evonik is investing a single-digit million U.S.-dollar amount. Tech Council Ventures is a U.S.-focused early-stage investor. It 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 U.S.
“Fund investments are an important part of Evonik’s venture capital activities,” said Bernhard Mohr, head of Evonik Venture Capital. “The partnership with Tech Council Ventures enables us to get in touch with a broad range of innovative start-ups that are located near our North American headquarters and will provide us with an excellent overview of new technologies in that region.”
The fund is based in New Brunswick, New Jersey, near Evonik’s U.S. 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 U.S., Evonik Venture Capital is represented by Lutz Stoeber and Eric Breese, who are responsible for Evonik’s venture capital activities in North America.
“The investment underlines our commitment to the region,” said John Rolando, president of North America for Evonik. “We see ourselves as a collaborator to foster entrepreneurship and strengthen local ties.”
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.
“With our local proximity near Evonik’s North America headquarters and U.S.-based venture team, the synergy of our focus and network in the Mid-Atlantic region and Evonik’s global footprint and perspective will create tremendous opportunities to partner on exciting start-up ventures,” said Steve Socolof, managing partner, Tech Council Ventures.
Evonik Venture Capital plays a strategic role in Evonik’s goal 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 €150 million at the beginning of 2019, more than doubling the amount under management to €250 million.
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