Nokia today announced the launch of 100 million fund for investing in promising auto tech and local services companies in collaboration with HERE through Nokia Growth Partners (NGP). Nokia is already a major player in the automotive industry providing location intelligence for connected vehicles through HERE and also 4 in 5 cars worldwide now runs on HERE location technologies.
“NGP has been consistently performing well bringing in both new innovation and financial return to Nokia,” said Rajeev Suri, Nokia President and CEO. “Our new USD 100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments.”
“For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets,” said Paul Asel, Partner at Nokia Growth Partners. “We are excited to deepen our collaboration with HERE through the Connected Car fund to invest in companies that are driving the future of the auto ecosystem, local services and personal mobility.”
NGP is already involved in global investment activities in the U.S., India, China and Europe and they manage around USD 700 million.