Christian Kullmann, CEO of the specialty chemicals group Evonik. (picture alliance / Rolf Vennenbernd/dpa/archive)
In its search for new business areas and innovative production technologies, the German chemical corporation Evonik is increasingly focusing on cooperation with small start-ups.
The Essen-based company has launched a second venture capital fund of 150 million euros available to start-ups. Evonik has now committed a total of 250 million euros in venture capital, the corporation said on Wednesday.
Since 2012, Evonik has made 25 investments in companies and technology funds in Europe, Asia and the United States - including two young firms in the German state of North Rhine-Westphalia active in the biotechnology and medical technology sectors.
With its investments, the corporation wants to identify potential candidates for takeovers early on. Evonik said, however, that it supports start-ups not only with money, but also expertise and contacts. It invests up to 15 million euros per company.
The first start-up to be entirely acquired by Evonik is a specialist for 3D printing materials in the United States. Evonik has also invested in a producer of 3D-printed insoles.
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