Mark Payton, managing director of Mercia Fund Management, explains why the venture capital firm is campaigning to increase the level of seed funding and guidance for start-ups and spin-outs.

ISAI, a French early stage and small cap private equity fund backed by a growing list of European - largely French entrepreneurs and high ranking senior executives - has re-invested in French travel agency-linked business, Evaneos. Fellow corporate venturing outfit, XAnge Private Equity, also participated in the $6m series B round. The company has raised $7m since it was established in 2009.

Heureka II growth equity fund, managed by Acton Capital Partners, and backed by Hubert Burda Media raises $110m at first close.

Intelligent Energy, a spin-out of Loughborough University, signs multi-million dollar agreement to power Indian telecom towers with hydrogen fuel cells.