The new fund will help secure access to disruptive technologies and innovative business models as well as supporting Evonik's digital transformation and enabling early identification of potential technology acquisition targets.

"Investments in and partnerships with start-up companies generate strategic value and growth opportunities", said Dr. Harald Schwager, Evonik's deputy chairman of the executive board, who is responsible for innovation. "Our venture capital arm is a vital link to tomorrow's technologies and way of doing business."

"The extension of the fund volume to EUR250 million manifests our ambition to establish Evonik Venture Capital as one of the global leading investors in the specialty chemicals space", said Dr. Bernhard Mohr, head of Evonik Venture Capital GmbH.

As well as providing capital, Evonik offers start-ups access to the resources of one of the world's leading specialty chemicals companies. Since its inception in 2012, Evonik has realised 25 investments.

The venture capital unit has a global reach with offices in Germany, the US and China. Its investment focus is on business and innovation fields such as health and care, animal nutrition, smart materials and specialty additives, which Evonik has already identified as growth drivers.