Nokia to invest US$ 150 mln more in innovation software, services

Nokia Growth Partners, a global private equity and venture capital management firm, announced an additional commitment of USD 150 mln from Nokia, increasing funds under management for direct investments to USD 250 mln. Nokia began sponsoring funds and promoting venture investments in 1998 as a catalyst for innovation in the mobile industry. Nokia commitments to venture funding activities to date exceed USD 900 mln.
Nokia Growth Partners, launched in 2004, will now establish direct operations in India and China and augment investment activity in the U.S. and Europe. It will also advise on Nokia's other venture capital fund investments.
Target investments include companies creating innovative mobile applications and services that encourage rapid adoption of mobile solutions, such as context and location based services, mobile payments, mobile advertising, music and entertainment and other mobile services and software.
During the past year, Nokia has developed close working relationships with venture funds such as BlueRun Ventures (early stage venture, global), Founders Fund (early stage venture, U.S.), Gobi Partners (early stage IT and digital media fund, China), Magma Venture Partners (early stage semiconductor and communications fund, Israel), Oak Hill Capital Partners (late stage, global private equity and buy-out firm, U.S.), and Technology Crossover Ventures (growth/late stage venture fund, U.S.).