Islam's 500-year golden age of art, science, medicine and philsophy until the sack of Baghdad in the 13th century was built on a merchant economy of trade links between Africa, Asia and Europe.

Panel on why firms are raising so many funds, and so many are outside of the US? Stephen Ziff from Coller Capital moderated the panel.

The Russia-based development agency secures promise from Frontier Ventures to invest $20m in Skolkovo resident companies.

Multi-lingual online service Excursiopedia takes prize at pitch event in Russia, winning 10 free hours of consulting from PwC, the accountancy firm.

The Mail.ru-backed Russia-based online procurement platform raises the funds from investors including venture firm Insight Venture Partners and private equity firm Da Vinci Capital Partners.

The Russian government foundation and the Moscow private business school are launching a training incubator for start-ups.

The Russia-based information technology company reportedly launches a fund looking to deploy $10m a year and backs an interactive air screen maker in its first deal.

MBC Ventures will invest at the seed stage in media and entertainment start-ups in the Middle East and North Africa.

Existing shareholder Founders Fund led the round, and was joined by US-based venture capital firms Youniversity Ventures, which primarily backs students and first-time entrepreneurs, Glynn Capital Management, Ulu Ventures, Jeremy Stoppleman and Ben Ling.

InstaMed previously raised $6m in September 2010 to take its then-total to $22m.