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Nokia pledges $250 million to venture funding

Nokia has pumped $250 million (£159 million) into the mobile ecosystem via its global venture group, Nokia Growth Partners (NGP).

The organisation will invest in businesses within the mobile industry showing strong potential, including firms and projects across the US, Europe and Asia.

With an emphasis on expanding its presence in China, Nokia Growth Partners has appointed David Tang as managing director and Lu Guo as principal.

"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."

"What sets NGP apart from pure financial investors are the partnerships and insights our invested companies get from their close association with Nokia, claims John Gardner, managing partner of Nokia Growth Partners.

“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. We are excited about our existing strong portfolio of companies and their potential impact globally."