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AT&T, Nokia, Navteq fund local-search site Zvents

Three companies with a stake in mobile Internet development invest $24 million in a site that lets people promote and find local events, restaurants, and deals.

AT&T has made a strategic investment in Zvents, a site that lets people search for local events and that delivers ads along with the results.

"The AT&T investment supports the ongoing development of Zvents' search platform and unique local-advertising opportunity," Zvents said in a statement. The companies didn't disclose the size of AT&T's investment.

Zvents lets people and businesses promote events, restaurants, and special deals, and the technology is used in a application called YPmobile for Apple iPhones, the company said.

Update at 9:10 a.m. PDT: Nokia and Navteq also joined in the investment round, which totaled $24 million, Zvents said.

"We believe that the combination of next-generation mobile devices and powerful server-side search services will be a powerful channel to deliver local information to consumers," John Gardner, managing partner of Nokia Growth Partners, said in a statement.