Press Release Announced by Nokia President and CEO Rajeev Suri at Mobile World Congress today, the new fund brings assets under management by NGP to well over USD 1 billion and serves to find the best entrepreneurs in the Internet of Things (IoT) globally, as well as support Nokias goal to become a leader in a world where everybody and everything is connected.
February 21, 2016
Espoo, Finland - Nokia Growth Partners (NGP) today 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 NGPs total assets under management to over USD 1 billion, including USD 500 million available for new investments.
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. NGPs reach spans the US, Europe, India and China.
The $350 million Internet of Things investment fund, tasked with finding and funding the best entrepreneurs across the world, reflects our strong intent to be a leader in the technologies that connect people and things, while establishing successful partnerships for both Nokia and the investee companies, said Nokia President and CEO Rajeev Suri.
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.
Connecting everything through IoT solutions is the next big technological wave and it will affect all aspects of our lives. We are excited to continue working closely with Nokia to build the ecosystem while increasing partnering and company success, said NGP Managing Partner Bo Ilsoe. With the new commitment from Nokia, NGP has more than USD 500 million of fresh capital to deploy behind the best entrepreneurs and teams out there.
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.
About Nokia
Nokia is a global leader in the technologies that connect people and things. Powered by the innovation of Bell Labs and Nokia Technologies, the company is at the forefront of creating and licensing the technologies that are increasingly at the heart of our connected lives.
With state-of-the-art software, hardware and services for any type of network, Nokia is uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things. www.nokia.com
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