Nokia Growth Partners Launches Third Fund Backed By $250M From Nokia, Expands In China
Nokia’s venture capital arm Nokia Growth Partners (NGP), which was founded back in 2005 and invests in mobile-related ventures in the U.S., Europe and Asia, has launched its third fund — back by a further $250 million long-term commitment from Nokia.
The VC firm is also expanding its presence in China — describing it as an “important market for Nokia” — with the appointments of David Tang as MD and Lu Guo as principal. Tang joins from AMD where he was Corporate Senior Vice President and President of AMD China. Lu Guo joins from Keytone Ventures where he was VP responsible for mobile and Internet investments. Both will be based in Beijing.
“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,” said Paul Asel, managing partner of NGP, in a statement. ”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.”
Companies NGP has invested in to-date include Morpho, Swype, SponsorPay and rocketfuel. The VC firm has offices in the U.S., Europe, India and China,
“Nokia Growth Partners is delighted with Nokia’s continuing commitment, which recognizes strong financial performance since our formation in 2005,” added John Gardner, managing partner of NGP in a statement. “We are excited about our existing strong portfolio of companies and their potential impact globally.”
“Over the past decade, Nokia has developed an innovative venturing strategy,” said Timo Ihamuotila, Nokia executive vice president & chief financial officer, in a statement. “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.”
According to NGP’s website, the firm has a total fund of $600 million, and typically invests between $5 million and $15 million as a lead investor.
Latest posts by Tech Lone (see all)
- Hewlett-Packard recalls notebook power cords that pose a fire risk - August 27, 2014
- Hyperlapse: Instagram’s First Standalone App You’ll Actually Want to Use - August 27, 2014
- HTC Desire 510 with 64-bit Snapdragon 410 SoC and 4G LTE announced - August 27, 2014