The deal marks the first investment for the $400m Focus Media FountainVest Sports JV fund, established last month.

The media company, which already held a 22% stake in fashion platform Stylight, has agreed to buy the remaining 78%, giving an exit to Tengelmann Ventures and Holtzbrinck Ventures.

Online fresh produce seller Benlai Life has closed $117m in funding, $30m of which came from kitchen appliance producer Joyoung in December 2015.

Kite Hill, the producer of a range of vegan dairy substitutes, has closed an $18m round co-led by General Mills' 301 unit and plans to expand distribution and marketing.

Internet company VNG has purchased a 38% stake in e-commerce company Tiki, already backed by CyberAgent and Sumitomo, in return for a $16.7m cash injection.

The corporate-backed venture firm plans to invest in up to 25 startups through Digital Consumer Innovators Program this year, providing up to $5m at a time.

The venture capital firm, in which Otto Group is a major investor, will operate the fund together with a $290m growth-stage fund.