The Redox investment follows Blue Orange partnering with UK-based Cynar to produce diesel fuel from the recycling of mixed plastic waste as the first announced deal from the fund.

KPN bought mobile company Blau Mobilfunk in 2008 from Dirk Freise, Martin Ostermayer and Thorsten Rehling and the three have now decided to set up Fastlane Ventures in Germany with the phone operator's backing.

Alongside Shortcut as co-lead of the series A round was Russia-based corporation-backed Bright Capital.

The Oxford University spin-out set up by its technology transfer office raises the funds at the same time as winning a development award from the UK's National Health Service.

Germany-based accommodation website 9flats, backed by the corporate venturing unit of Deutsche Telekom, snaps up Canadian rival iStopOver to expand its reach in North America.

Intel led the round, which was joined by venture firms iSource and GIMV.