The $50m will be split between a fund backing growth-stage companies with black executives and Massachusetts technology developers outside Boston.

David Ma will head the newly formed Sea Capital unit, which is set to allocate $1bn to consumer and enterprise technology developers in the coming years.

The vehicle will invest in all winners of the Venture Kick competition and will provide follow-on funding in two subsequent rounds.

Xiangcheng Financial Holdings is among the backers for the first close of the Legend Holdings spinoff's sixth renminbi-denominated vehicle.

Wilhelmsen and HHLA.Motion have helped maritime-focused venture firm Motion Ventures reach the first close of a fund with a S$30m ($22.8m) target.

BRI's Sembrani Wira accelerator, which counts Fazz Financial as a partner, has selected nine startups for its first cohort.

Line Ventures, which had previously committed to the first Hustle Ventures fund in 2018, has returned to help it secure $33.6m for a second vehicle.

Chevron Technology Ventures' latest fund will support developers of technology aimed at cutting carbon emissions, and it follows a $100m first vehicle in 2018.

The telecommunications operator, spun off by Reliance Industries, is anchoring venture firm Kalaari Capital’s fourth fund, and has already invested $100m of the amount.

Novo supported the first close of 2150's debut fund, which was anchored by NREP, the property developer that also incubated the venture firm.