Nokia launches $100 million Connected Car Fund
The fund will identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles.
Nokia is already a major player in the automotive industry providing location intelligence for connected vehicles through HERE. The NGP fund, working closely with HERE, will seek to make investments that also support the growth of the ecosystem around HERE's mapping and location products and services.
The Connected Car fund extends NGP's global investment activities in the U.S., India, China and Europe where Nokia Growth Partners continue to invest in high potential businesses.
The new fund brings Nokia's commitments managed by NGP to $700 million. As an independent VC sponsored by Nokia, NGP has a strong track record of investing in technology companies that have made an impact in their respective industries globally, including Rocket Fuel, Heptagon and UCweb.
The Connected Car fund will be the fourth fund that NGP has managed on behalf of Nokia over the past decade. ■