The venture capital firm, which achieved three exits from its $30m first fund, has closed a second fund that will also fund cybersecurity and enterprise software companies.

Venture capital firm Formation 8 has secured supply chain management company Flextronics as a limited partner for a hardware fund being raised alongside a seed fund.

The cloud communication technology provider has set up a venture capital-backed development fund aimed at startups developing technology on its platform.

Ant Financial, the financial services affiliate of Alibaba currently raising money at a valuation of up to $40bn, will look to fund internet finance companies through the unit.

The telecommunications firm will kick in more than $240m for the fund, which will be formed with a state-owned investment entity to fund mobile internet companies.