MENLO PARK, Calif.-Nokia’s venture capital division announced it created a new $100 million fund to support the growth of mid- to late-stage companies. Markus Salolainen and Rob Trice of Nokia’s Venture Partners fund will head the new business, dubbed Nokia Growth Partners.
“Nokia Growth Partners, as a mid- to late-stage focused fund, represents an expansion of our global, early stage venture model that will increase our ability to work with great companies at all stages and cycles of innovation,” said Nokia Venture Partners managing partner John Malloy. “Salolainen and Trice have produced exceptional results during their time at Nokia Venture Partners and we believe they are the right team to lead Nokia Growth Partners.”
The fund will be based in California and London, and will invest in “innovative mobile technology companies from around the world that have commercially available product, are experiencing significant revenue growth, and beginning to experience adoption by large companies such as Nokia.”
The move comes as venture capital firms around the world have begun to loosen their pursestrings for wireless startups.
