China: German industrial group Evonik invests in VC firm, BCVC commits to $60m Series A investment in Acfun

The venture capital arm of German industrial group Evonik has invested an undisclosed amount in Chinese VC firm GRC Mangers, which focuses on material-related start-ups from Greater China.

Evonik Venture Capital has made the investment in SinoGreen Fund III, and the German company, in a statement,  said the move enabled it to ‘access to one of the most important, rapidly growing venture capital regions’. GRC III has offices in Beijing and Taipei.

“By investing in GRC III, we are opening the door to the fast growing start-up community in Greater China,” explained Bernhard Mohr, head of Venture Capital at Evonik. “With GRC we have found a strong partner with a proven track record and with immediate relevance to our own business activities,” he added.

This is marks the first time that Evonik Venture Capital has invested in Asia. Prior to this, it had invested in the European and North American venture capital funds Pangaea Ventures Fund III, Emerald Cleantech Fund III, and High-Tech Gründerfonds II.  The German firm, which currently has holdings in eight startups,  said it plans to invest a total of €100 million across start-ups and in leading specialized venture capital funds.

Aside from Evonik, the investor base of GRC III includes the World Bank subsidiary International Finance Corporation, the development bank Netherlands Development Finance Company (FMO) and Shell Technology Ventures, the venture capital arm of Shell.

GRC invests in private, green technology companies with unique strengths and substantial growth potential in Greater China. Target sectors include energy and resource efficiency, cleaner transportation, sustainability, and climate change mitigation and adaptation.

BCVC commits to $60m Series A investment in Acfun

Acfun, a Chinese social networking platform formerly branded as Anime Comic Fun that focuses on video editing, has secured an extended $60 million Series A round of funding from SBCVC, formerly SoftBank China Venture Capital.

Incepted in 2007, Acfun, was amongst the first to provide the functionality of commenting on films, games and videos through sending text messages for audiences.

In August 2015, Acfun completed a $50 million Series A round from online video platform Youku Tudou. According to reports, the firms latest investment will finance brand development and product improvements.

In a separate development, SBCVC is raising a fifth US dollar-denominate fund with a target of $400 million, with the IFC potentially committing $25 million to the fund.

Also Read:

As startup funding slows in India, VC firms back in the driver’s seat

Indonesia to tighten norms for foreign VCs; wants them to form JVs with local firms

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.