Volkswagen has set up a new spinout, called Moia, that will focus on urban mobility solutions.

The Hubert Media-backed vehicle, which will support Southeast Asian startups, is ten times the size of the firm's debut vehicle, which closed in 2012.

Fortum has invested $5.5m in Exeger Sweden in return for a 5% stake in the solar technology producer.

The tidal turbine company secured funding from investors including Farinia and IWF Group as it aims to expand internationally.

The biotech developer, an Oxford University spinout, has hired securities brokerage Stifel to assist in its initial public offering.