Thursday, 31 July 2008

Nokia Invests Additional USD 150 million through Nokia Growth Partners

Nokia Growth Partners, a global private equity and venture capital management firm, has injected an additional commitment of USD 150 million from Nokia, increasing funds under management for direct investments to USD 250 million.

Building on a track record of successful investments, 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.

With the additional investment announced today, Nokia Growth Partners plan to continue pursuing investments that are of strategic relevance to Nokia, and or complementary to their strategy.

"Today's announcements underscore the success of Nokia Growth Partners," said John Gardner of Nokia Growth Partners.

"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. Alignment with the global industry leader in mobile devices and a leading innovator in the convergence of mobility and the Internet is a clear advantage for the companies in which we invest."

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 million.