Nokia injects $250 million into venture funding
The company says that it will focus on the "mobile ecosystem." It also has bolstered its presence in China by appointing David Tang as its managing director there.
Nokia has committed another $250 million to its venture funding arm, Nokia Growth Partners, the company announced today.
With that sum, Nokia Growth Partners members will be able to invest in "high potential businesses within the mobile ecosystem." The venture capitalists will focus their efforts in the U.S., Europe, and Asia.
China could be an important opportunity for Nokia, so the company has expanded its presence there by appointing former AMD China president David Tang as managing director. Lu Guo, former Keystone Ventures vice president, will act as principal in China.
Nokia's latest fund is its third since Growth Partners' founding in 2005. The fund has invested in a wide array of companies, including mobile user interface company Swype.
Many major technology companies have venture-capital arms. Google has one of the most well-known funds, led by several prominent tech leaders, including Digg founder Kevin Rose.