Yandex.Factory will invest up to hundreds of thousands US dollars in Russian and international projects at their seed or early investment stage.

Japan-based social network provider Gree buys OpenFeint for $104m and commits to an Android fund.

Alain Hanover, former managing director and head of Draper's Navigator Technology Ventures, said: "I closed down Navigator."

KK Rathi, chief executive of Future Ventures, said: "The idea is to invest in businesses that are strategically important for the overall group. We will be looking at acquiring, creating new and growing our existing private brands."

Newswire Reuters said Black River Capital Partners (Food) Fund gained half its $400m target in commitments and would invest about half the money in China.

Clal Biotechnology Industries, an Israel-based life sciences division of IDB Holding Corp and local drugs maker Teva Pharmaceutical Industries, is to start a NIS250m ($73m) fund for medical devices companies.

Vikram Gupta said on his LinkedIn page that IvyCap Ventures would be launch an innovation and technology VC fund with an approach to focus on the entrepreneurs with high-quality professional educational backgrounds, such as from the India Institutes of Technology.

Venture organisation structure shaken up by Andreessen Horowitz, a venture capital firm that has just raised a $200m co-investment fund.