Nokia Growth Partners puts in $150 million more for “mobile solutions”

Nokia Growth Partners will get an additional $150 million to create and “innovative mobile applications and services that encourage rapid adoption of mobile solutions, such as context and location based services, mobile payments, mobile advertising, music and entertainment and other mobile services and software.” This brings the total investment from Nokia to $250 million since 2004.

Rick Simonson, Executive Vice President & Chief Financial Officer of Nokia said: “Our funds are structured to reinforce the primary responsibility of any fund manager: to deliver superior return on investment. This increase of our commitment to Nokia Growth Partners is aligned with our strategic focus on consumer Internet services, reflecting the increased role that Nokia Growth Partners will play in our future success.”