Bangalore: Nokia Growth Partners (NGP), a popular global venture firm has launched its third fund with a further long term commitment of $250 million from Nokia. NGP venture funds were founded in 2005 to promote entrepreneurship and startups across U.S., Europe and Asia, to promote and boost mobile innovation.

“Over the past decade, Nokia has developed an innovative venturing strategy .Our ongoing commitment to Nokia Growth Partners reinforces Nokia’s support for a vibrant mobile ecosystem and our determination to collaborate with industry innovators to build great mobile products,” said Timo Ihamuotila, Nokia executive vice president & chief financial officer.

While making the announcement of the third fund, NGP also informed that it would be expanding into Chinese markets with the appointments of David Tang as managing director and Lu Guo as principal.

“Nokia Growth Partners is delighted with Nokia’s continuing commitment, which recognizes strong financial performance since our formation in 2005, we are excited about our existing strong portfolio of companies and their potential impact globally,” said John Gardner, Managing Partner. 

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