Nokia announces $100 million Connected Car Fund

Nokia announces $100 million Connected Car Fund

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Rajeev Suri, President and CEO,  NOKIAFinland: Nokia, which recently announced a new line of senior management, has announced a $100 million Connected Car fund to be managed by Nokia Growth Partners (NGP). Nokia said that the fund will be used to identify and invest in companies “whose innovations will be important for a world of connected and intelligent vehicles.”

Nokia is already making headway in the automotive industry providing location intelligence for connected vehicles through HERE (its mapping business). The NGP fund, working closely with HERE, will seek to make investments that also support the growth of the ecosystem around its mapping and location products and services.

Rajeev Suri, the newly appointed Nokia President and CEO, announcing the decision said, "NGP has been consistently performing well bringing in both new innovation and financial return to Nokia. Our new USD 100 million venture fund further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments."

"NGP's Connected Car fund underscores that connectivity is rapidly reshaping what is possible in the car environment," said Michael Halbherr, CEO of HERE. "We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them."

The Connected Car fund extends NGP's global investment activities in the US, India, China and Europe where Nokia Growth Partners continue to invest in potential businesses. Nokia in its press release said that the new fund brings Nokia's commitments managed by NGP to USD 700 million. The Connected Car fund will be the fourth fund that NGP has managed on behalf of Nokia over the past decade.

Source: Nokia