20 March 2012 17:54 [Source: ICIS news]
LONDON (ICIS)--Evonik has joined BASF and Altana to become the third chemicals firm to invest in a German high-tech fund, the specialty chemicals producer said in Tuesday.
Evonik said it invested €2.5m ($3.3m) in High-Tech Grunderfonds II. The fund provides financing of up to €500,000 of venture capital to innovative technology companies.
Evonik's involvement in the fund is part of its strategy of investing in innovations and providing assistance to promising young start-ups in the chemicals sector and related disciplines, it said.
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High-Tech Grunderfonds has about €563m under management in two funds, HTGF I and HTGF II. The chemical firms' investment is in HTGF II.
($1 = €0.76)
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