Nokia looks to boost mobile innovation with further $250M investment in third Nokia Growth Partners venture fund

Nokia looks to boost mobile innovation with further $250M investment in third Nokia Growth Partners venture ...

Ensuring it doesn’t miss the latest and greatest mobile startups and technologies, Nokia has made another investment in its global venture arm — Nokia Growth Partners (NGP) — pledging $250 million into the firm’s third fund to boost the mobile ecosystem in the US, Europe and Asia.

Along with news of its partner’s investment, NGP says it has also expanded its presence in China, appointing David Tang and its managing director and Lu Guo as principal. Tang comes to NGP as a former Vice Chairman of Nokia China and more recently, Corporate Senior Vice President & President at AMD.

Ever been to a tech festival?

TNW Conference won best European Event 2016 for our festival vibe. See what's in store for 2017.

Lu Guo comes joins NGP from Keytone Ventures where he was VP of mobile and Internet investments at the company. Both Tang and Guo will be based in Beijing.

“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.”

In October 2012, the VC fund led a $9 million Series B funding round for Vizury Interactive, a travel industry-focused online marketing startup headquartered in India. NGP lists its complete investment portfolio on its website.

Nokia has invested hundreds of millions in Nokia Growth Partners over the years, pledging $150 million in 2008 and today committing a minimum of $250 million to ensure it can remain on top of the best mobile startups in the US, Europe and Asia.

Nokia Growth Partners also advises and manages $100 million for investments in other venture capital firms through Nokia’s Fund of Funds Program, advising and managing limited partner engagements with the money.

Read next: Ingenico acquires Ogone for €360m so it can become a one-stop-shop for multi-channel payments

Here's some more distraction