Nokia’s global venture capital firm has launched a third fund worth US$250m to invest in mobile technology start-ups.
The Finnish vendor said it will invest the amount in Nokia Growth Partners (NGP) under a long-term commitment, which will be drawn…
Nokia’s global venture capital firm has launched a third fund worth US$250m to invest in mobile technology start-ups.
The Finnish vendor said it will invest the amount in Nokia Growth Partners (NGP) under a long-term commitment, which will be drawn upon once it identifies suitable investments.
NGP was launched back in 2005 and manages two other funds worth a combined US$350m. The firm prefers investments that have already advanced from initial funding and are in a growth stage. Previous targets have included technology groups Swype, SponsorPay and rocketfuel.
The group says it typically invests between US$5m and US$15m as a lead investor.
John Gardner, NGP’s managing partner, said: “What sets NGP apart from pure financial investors are the partnerships and insights our invested companies get from their close association with Nokia.
“In the past year, NGP has also realised several successful exits, including the IPOs of Morpho and Inside Secure and sales of Swype, Summit Microelectronics and Netmagic. We are excited about our existing strong portfolio of companies and their potential impact globally.”
The venture capital firm also announced plans to expand its presence in China with two more executive appointments.
David Tang, previously president of China for US-based semiconductor firm AMD, has been appointed NGP managing director. Lu Guo, who was VP for mobile and internet investments at China-focused venture capital group Keytone Ventures, has joined as a partner.
