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Nokia on Monday announced the launch of a USD 100 million Connected Car fund to be managed by Nokia Growth Partners (NGP).
The fund will identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles, according to a release of the company.
The NGP fund, working closely with HERE, will seek to make investments that also support the growth of the ecosystem around HERE's mapping and location products and services.
"NGP has been consistently performing well bringing in both new innovation and financial return to Nokia," Nokia President and CEO Rajeev Suri said.
"Our new USD 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," he added.
The Connected Car fund extends NGP's global investment activities in the US, India, China and Europe where Nokia Growth Partners continue to invest in high potential businesses.
The new fund brings Nokia's commitments managed by NGP to USD 700 million, according to the company.
The Connected Car fund will be the fourth fund that NGP had managed on behalf of Nokia over the past decade, it mentioned.
