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Nokia invests $150 Mn in VC arm
By siliconindia
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Wednesday, 06 August 2008, 16:01 IST
New Delhi: Considering Indian and Chinese mobile markets with lots of investment opportunities, Nokia, the major mobile handset manufacturer, is all set to deliver an additional $150 million in the company's private equity and venture capital arm targeting markets in the two countries.
Nokia will invest the fund in Nokia Growth Partners; an investment management firm owned by Nokia, it will increase funds under management for direct investments with the company to $250 million.
Company statement stated that Nokia Growth Partners would now establish direct operations in India and China and also augment investment activity in the U.S. and Europe.
"With the additional investment, Nokia Growth Partners will also continue pursuing investments that are of strategic relevance to Nokia, and or complementary to their strategy," the statement added. The additional investment is aimed at targeting innovators in software and services.
Apart from that, Nokia Growth Partners would advise on Nokia's other venture capital fund investments.
Company statement noted "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."
