Three companies were backed with $550,000 by the incubation programme set up by US-based semiconductor company Qualcomm and technology industry association CommNexus's incubator EvoNexus.

The fund started by China-based financial group Haitong Securities and China-based media group Shanghai Media Group is targeting to raise RMB10bn ($1.6bn).

The plan reportedly involves funding 30% to 40% of those content producers which it backed with $100m last year.

In periods of low growth and high strategic uncertainty, CVC can serve four distinct and valuable business objectives.

The corporate venturing group is the sixth biggest, according to Global Corporate Venturing analysis, after its mandate was increased.

Reported move is the second consecutive year that Google Ventures has had its allocation increased. Google Ventures managing partner Bill Maris is quoted by news provider Reuters as saying that Google chief executive Larry Page has repeatedly asked what the firm could do with $1bn.

DreamIt had raised $1.5m so far.