Turkey has the ingredients to be a top tech market, but it needs investors to take more risk if its startups are to get past early stage.

The corporates both committed further nine-figure sums to back startups in the rapidly growing Indian venture market.

Wana Schulze and Ivan Yoon will lead CVC investments at Telefónica’s seed and early-stage Brazilian subsidiaries.

Axa Venture Partners will invest nine-figure amounts through the new fund, which is expected to close in 2025 with its insurer parent putting up half the capital.

Corporate investors have been the most active backers of startups in the country, focusing on fintech, ecommerce and logistics.

After almost five years, GCV Powerlist mainstay and MS&AD Ventures founder Tak Sato has departed from his managing partner position.

Former CEO Ron Spector has been succeeded by Justin Greenstein, who was chief finance and operating officer.

Yamaha Motor's sophomore Exploratory Fund brings the amount it has committed to corporate VC to $300m in the past five years.