The China-based online luxury retailer has followed its strategic marketing agreement with Taobao by closing its seed round.

Olivier Glauser, a venture partner and managing director of Steamboat Ventures in China, has left to join a start-up while the corporate venturing unit has separately sold 56.com to Renren.

Japan-based companies Nippon Telegraph and Telephone (NTT), Gree, Mitsubishi UFJ and NEC Biglobe have launched a corporate venturing fund to provide money to early-stage companies.

As well as IDG Capital, Yiji's $20m series B round also included venture capital firms Trust Bridge Partners and Hong Kong firm Big Profit.

WuXi set up its corporate venturing unit after the collapse of its $1.6bn merger with Charles River Laboratories in July last year.

Giant's investment by the end of December will be made through an investment in Yunfeng E-Commerce Funds, which is managed by Yunfeng Capital, a China-based venture capital firm co-founded by Alibaba chief executive Jack Ma and Shi Yuzhu, president of New York-listed Giant Interactive.

News provider Investors said Legend could pay RMB1bn (S150m) for a 34% stake.

South Africa-based insurer Sanlam has acquired 26% of Indian peer Shriram Capital for INR20bn ($430m).