Former Fab executives had founded True in 2007.

Reported move is the second consecutive year that Google Ventures has had its allocation increased. Google Ventures managing partner Bill Maris is quoted by news provider Reuters as saying that Google chief executive Larry Page has repeatedly asked what the firm could do with $1bn.

The former corporate venturing unit of Finland-based mobile handset company Nokia backs Shanghai Didatour International Travel Service Company in a multi-million dollar round.

Naspers' corporate venturing unit reportedly backs the parent company of online shopping website BuyThePrice.

Eprize spin-off Leveleleven's Contest Builder app brings competitive video game mentality to the work place.