Evonik Industries set to invest in Pangaea Ventures Fund III

Evonik Industries is to invest 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 speciality chemicals, including energy generation and storage, resource efficiency and nanotechnology.

Evonik Corporate Venturing plans to invest up to €100m (£78m) in promising start-up companies with breakthrough technologies and leading specialised venture capital funds.