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.