ESSEN, Germany—Evonik Industries A.G. is extending its corporate venture capital activities in the U.S. with an investment in New Jersey-based early-stage investor, Tech Council Ventures II.
Evonik is pumping a "single-digit million U.S.-dollar amount" in the investor company, which finances young, innovative start-up companies and supports them with its extended network in the Mid-Atlantic region.
"The partnership… 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," said Bernhard Mohr, head of Evonik Venture Capital.
The fund is based in New Brunswick, New Jersey, near Evonik's U.S. headquarters in Parsippany.
According to Evonik, the Mid-Atlantic states of New Jersey, Pennsylvania, Delaware, Connecticut, Maryland, Virginia and New York represent the second-largest venture-capital market in the U.S.
"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, including materials, life sciences, health care, internet of things and energy.