Evonik invests in Pangaea Ventures fund

The company, which last month cancelled a planned IPO, invested in the Vancouver-based fund as part of Evonik Corporate Venturing's internationalisation strategy.

The company's venture arm was founded as part of the Innovation Management unit in January 2012 and plans to invest up to €100m over the medium term in start-ups and specialist venture funds in Europe, the US and Asia.

Pangaea Ventures invests in early-stage cleantech companies with a focus on speciality chemicals – an area of expertise for Evonik.

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