Announced by Nokia President and CEO Rajeev Suri at Mobile World Congress a new fund brings assets under management by NGP to well over USD 1 billion. They hopeto find the best entrepreneurs in the Internet of Things (IoT) globally.
The fund will invest in promising companies primarily around Connected Enterprise, Consumer Solutions, Connected Car and Digital Health, as well as enabling technologies with a focus on capabilities in big data and analytics. NGP’s reach spans the US, Europe, India and China.
Nokia Growth Partners (NGP) announced the closing of a new USD 350 million fund for investments in IoT companies. The fund is sponsored by Nokia and will serve to identify new opportunities to grow the ecosystem in IoT solutions. The fund IV commitment brings NGP’s total assets under management to over USD 1 billion, including USD 500 million available for new investments.
NGP has established a successful investment track record over the past ten years with partners who each have over 25 years of operating and investment experience. NGP has consistently delivered top quartile investment returns while facilitating partnerships for Nokia. Recent successes include early investments in GanJi and UCMobile, resulting in two of the largest tech acquisitions in China history, as well as the listing of Rocketfuel on the Nasdaq.
The fund will support Nokia in defining future business opportunities and the technical underpinnings for the rapidly growing IoT market. Working closely with operators, enterprises and a strong ecosystem of partners through its IoT community, Nokia combines its mobile and fixed network infrastructure assets with secure IoT connectivity, distributed cloud, as well as IoT platforms with applications and analytics and individualized services. Nokia expects IoT to create new industries and opportunities in connected mobility, smart cities, public safety and healthcare and the connected home.
Nokia Growth Partners
NGP invests in entrepreneurs building intelligent solutions connecting everybody and everything. Providing deep industry expertise and an extensive network, NGP helps entrepreneurs accelerate company growth. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere. Uniquely structured as a private and independent venture firm sponsored only by Nokia, NGP offers the rigor of a financial investor while facilitating strategic engagement with Nokia. Visit www.nokiagrowthpartners.com for more information.