Nokia Commits $250M in VC Funds
SUNNYVALE, Calif. -- Nokia Growth Partners (NGP), a global venture firm, today 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, 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." "Nokia Growth Partners is delighted with Nokia's continuing commitment, which recognizes strong financial performance since our formation in 2005," said John Gardner, managing partner of Nokia Growth Partners. "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 realized 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." "We are pleased to welcome David Tang and Lu Guo to the NGP team and look forward to their contributions to our ongoing investment activities in China, an important market for Nokia," said Paul Asel, managing partner of Nokia Growth Partners. "David Tang is well known in the Chinese venture community as an advisor to leading mobile businesses such as UCWeb and Ganji. NGP has enjoyed a long relationship with Mr. Tang during his earlier tenure as vice chairman of Nokia China." Nokia Corp.