Nokia increases funds for VC investment -

Nokia increases funds for VC investment

LONDON — Nokia is to invest $150 million in Nokia Growth Partners (Menlo Park, Calif.), the private equity and venture capital management firm, increasing funds under management for direct investments to $250 million.

Nokia began sponsoring funds and promoting venture investments in 1998 and its commitments to venture funding activities to date exceed $900 million.

Nokia Growth Partners, launched in 2004, is to establish direct operations in India and China and augment investment activity in the U.S. and Europe. The investments are designed to be of strategic relevance to Nokia, and or complementary to its strategy.

Nokia Growth Partners will also advise on Nokia's other venture capital fund investments.

During the past year, Nokia has with selected venture funds in which it has invested, including BlueRun Ventures, Founders Fund in the U.S., Gobi Partners in China, Magma Venture Partners in Israel, Oak Hill Capital Partners and Technology Crossover Ventures, both in the U.S.

“Nokia's new commitments will more than double our capital under direct management, enabling us to scale globally and better support Nokia strategic interests at a critical time for the industry,” said John Gardner of Nokia Growth Partners.

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