Nokia Commits $250 Million in Venture Funding

RMN Digital | January 30, 2013 | Corporate, Europe, Finance, Regions | No Comments

Nokia Growth Partners (NGP), a global venture firm, has announced the launch of its third fund with a further US$250 million long term commitment from Nokia.

Nokia Growth Partners will continue to invest in high potential businesses within the mobile ecosystem in the U.S., Europe and Asia. NGP also announced its expanded presence in China with the appointments of David Tang as managing director and Lu Guo as principal.

“Over the past decade, Nokia has developed an innovative venturing strategy,” said Timo Ihamuotila (pictured), Nokia executive vice president & chief financial officer.

“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.”

David Tang and Lu Guo together have over 35 years global technology and investment experience. David Tang joins Nokia Growth Partners from AMD where he was corporate senior VP and president of AMD China.

Lu Guo joins from Keytone Ventures where he was VP responsible for mobile and Internet investments. They will be based in Beijing. The announcement was made Tuesday, Jan. 29.

Photo courtesy: Nokia