Evonik invests in Pangaea Ventures Fund

VANCOUVER, CANADA: Evonik Industries strengthens its corporate venturing activities with an investment in the North American Pangaea Ventures Fund III located in Vancouver, Canada. Pangaea Ventures invests in young technology companies with a specific focus on advanced materials and specialty chemicals including energy generation and storage, resource efficiency, and nanotechnology. Evonik Corporate Venturing plans to invest up to €100 million in promising start-up companies with break-through technologies and leading specialized venture capital funds.

“With our investment in Pangaea Ventures Fund III we have a strong partner in one of the most dynamic venture capital markets in the world with immediate relevance to our own business activities. This investment is an important step for Evonik Corporate Venturing to roll out its internationalization strategy,” explained Dr Peter Nagler, Chief Innovation Officer, Evonik.

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