Nokia invests $250m into venture capital business

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Nokia invests $250m into venture capital business

Nokia has invested $250m in its venture capital business for mobile start-ups.

The spend is the third investment the manufacturer has made in Nokia Growth Partners. The business invests in the United States and Europe but is making a further push into China, appointing David Tang as its managing director. Tang joins from technology company AMD. Lu Go has also joined the business from Keytone Ventures, where he was vice-president for mobile and internet investments. Both hires will be based in Beijing.

Timo Ihamuotila, Nokia executive vice-president and chief financial officer, said: 'Over the past decade, Nokia has developed an innovative venturing strategy. 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.'

Author: Graeme Neill

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