Finland : NOKIA pledges $250M in third fund under NGP [TendersInfo (India)]
(TendersInfo (India) Via Acquire Media NewsEdge) Finnish smartphone-maker Nokia has pledged $250 million in the third fund under its venture financing arm Nokia Growth Partners (NGP).
NGP aims at new age technology companies straddling mobile ecosystem as also digital media and consumer internet and normally invests from $5million to $15mn in an investee in new firms across US, Europe and Asia.
It has not provided any geographic allocation, but has invested in nine Indian companies so far of which it has exited two Netmagic and Sasken.
Its current portfolio includes entities like Fashionandyou, Dealsandyou, Innovis, Network18, Quikr, TechProcess and most recently Vizury. These represent around a third of the aggregate 23 active portfolio firms.
Managing partner of Nokia Growth Partners, John Gardner, said : "Nokia Growth Partners is delighted with Nokia's continuing commitment, which recognises strong financial performance since our formation in 2005. In the past year, NGP has also realised several successful exits, including the IPOs of Morpho and Inside Secure and sales of Swype, Summit Microelectronics and Netmagic".
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