Nokia’s quest for continued relevance in the mobile space continued today as the Finish device maker announced it would add $250 million to its Nokia Growth Partners venture firm.
NGP was set up in late 2004 to invest in mobile ecosystem businesses based in the United States, Europe and Asia. NGP has invested in a number of ventures, including Inside Contactless, WiChorus and Swype.
With the latest investment, NGP added that it will also expand its operations into China, appointing David Tang as its managing director and Lu Guo as principal, both based in Beijing.
Nokia has seen its once dominate position in the smartphone space deteriorate under increasing pressure from Apple’s iPhone and Android-powered devices from the likes of Samsung. Nokia last week reported its first quarterly profit in over a year, earning $270 million on revenue of $10.7 billion, though it added that margins would remain negative during the first quarter of this year.
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