Nokia Growth Partners (NGP), the venture capital investment arm of Finnish mobile phones manufacturer Nokia, is announcing the launch of its third global fund with a $250 million commitment from its parent. The firm will continue to invest in high potential businesses within the mobile ecosystem in the US, Europe and Asia. It started investing in the mobile ecosystem in 2005 and currently has $600 million under management. It typically invests between $5 million and $15 million per company, usually as the lead investor.
In India, NGP’s portfolio lists nine companies including classifieds site Quikr, ecommerce company Fashionandyou and communications R&D outsourcing company Sasken (which it has exited according to its website). In May 2011, it led a $8 million Series D round of investment in Mumbai-based Quikr. Last October, it led a $9 million Series B round of investment in Bangalore-based digital marketing technology company Vizury Interactive.
Along with the launch of the new fund, NGP is also expanding its presence in China with the appointments of David Tang as managing director and Lu Guo as principal. Tang joins NGP from AMD where he was corporate senior vice President and president of AMD China. Guo joins from Keytone Ventures where he was vice president responsible for mobile and Internet investments. They will be based in Beijing.
“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 (India),” NGP managing partner John Gardner said in a press release.
Image credit: Nokia