Nokia launches $100 million Car Connectivity fund

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Nokia has launched a new $100 million Car Connectivity fund (£59.26 million roughly) for companies who’s innovations will be important for a connected world. The fund is just one example of how Nokia will play to its assets, with its location division providing a large portion of its revenues going forward.

The fund will be run by Nokia Growth Partners (NGP) and will work closely with Nokia’s location arm HERE to invest in companies and promote the growth of the ecosystem around HERE. The Car Connectivity fund could be an important asset in Nokia’s future plans and it’s possible we’ll see additional funds launched as the company looks to a future without mobile devices.

In a statement, Nokia’s new CEO, Rajeev Suri said:

“NGP has been consistently performing well bringing in both new innovation and financial return to Nokia. Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments.”

Michael Halbherr, Chief Executive Officer at HERE, said:

“NGP’s Connected Car fund underscores that connectivity is rapidly reshaping what is possible in the car environment. We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them. With more than 25 years of experience in creating automotive grade maps for the automobile industry, we look forward to working with promising companies in NGP’s new fund to create a whole new class of services that keep drivers safe and connected.”

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