Germany's Merck launches seed fund for start-ups in China

German Science and pharma company Merck KGaA (MRK: DE) today announced a 100 million renminbi ($13.5 million) seed fund targeted at start-ups in China. The company also officially opened its innovation hub in Shanghai and announced plans to officially open a second innovation hub in Guangzhou in November.

“Our 100 million renminbi China seed fund underlines our commitment to invest in the Chinese market,” said Stefan Oschmann, chief executive and chairman of the executive board of Merck, at the opening ceremony in Shanghai today. “Our China innovation hubs will accelerate our innovation development nationwide. Together with local partners, we aim to jointly advance innovation in China, for China and beyond.”

Within the scope of the overall 300 million-euro ($333.6 million) corporate strategic venture arm M Ventures, the new 13 million-euro seed fund is being established to foster relevant innovations from China and to get closer to the start-up scene in China owing to the country’s commitment to innovation.