The fund, which counts several corporates among its limited partners, will back underrepresented entrepreneurs and communities advancing the low carbon economy.

Zain Ventures will provide funding for digital innovations in electronic services, and its first two investments are in Pipe and Swvl.

The CMFG Ventures Discovery Fund will invest in early-stage companies with diverse founding teams targeting the financial technology industry.

Honor Ventures aims to raise between $500m and $600m for investments in consumer tech startups.

Avista Utilities, Black Hills, NiSource, Southwest Gas and Spire have all backed Energy Capital Ventures' $45m first fund.

Boyu Capital will manage the Shiseido Beauty Innovations Fund on behalf of the eponymous Japan-based cosmetics producer.

Scopely and Com2us are among the limited partners that helped boost the size of the game-focused fund to $67m.

The current HorizonX Ventures team, led by Brian Schettler since its launch, will move to AEI HorizonX with its current portfolio.

The Angelini Lumira Biosciences Fund will invest in early-stage companies in Canada and the US.

Best Buy also plans to work together with Brown Venture Group to develop a stronger community of diverse suppliers and launch an entrepreneurial partnership programme.