The firm recently made the first investment from a fund backed by mobile service provider MTN, which is targeting the middle class in emerging nations.

The Joint Finance Committee is to make a decision on whether to move forward with a $25m venture capital programme.

The payment services company will select up to eight companies for the 12-month programme.

The PCH-owned incubator will invest $50,000 in each successful graduate, and has increased the size of its class from 10 to 15.

The new venture, partnered with Moscow State University, will provide support to early-stage projects.

The company will fund startups seeking to build technology around its business communication platform.

The communications equipment maker will target the intelligent vehicles market through the Connected Car Fund, which will be managed by Nokia Growth Partners.

The networking company is set to provide the cash, which will be added to $100m announced in January, over the next three years.

The fund will be managed by Finance Wales, the investment bank subsidiary of the Welsh Government.

The National Research Foundation (NRF) has announced that it will make the money available to six venture capital firms for early-stage start-ups.