The fund has been backed by Jumana Capital, a single-family office also based in Houston, Texas.

The move follows state-led initiatives to invest directly in startups in Saudi Arabia and Europe.

$50m debut fund sourced from undisclosed corporations and angel investors.

Jennifer Anderson, Carrier's SVP for strategy, business development and chief sustainability officer, will head Carrier Ventures.

Telekom Srbija said it would invest across sectors.

The US Department of Defense has put in place a variety of programs to bring on board startups.

Founded by Adam Demuyakor, Wilshire Lane was reportedly looking to raise up to another $85m.

In December, Burnt Island Ventures was part of a syndicate backing StormSensor.

Bailey Moore, senior vice-president at Wintrust Ventures, added: “We have had particular focus in sectors such as enterprise SaaS [software-as-a-service], healthcare IT [information technology], marketplace and omni channel brands.”

Globant Ventures has previously done a handful of deals,