Nokia Launches $500M Fund for Mobile Start-Ups

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Nokia, the worldwide supplier of mobile phones, announced a new $500 million fund yesterday to invest in start-up Internet mobile companies.

Nokia said that unlike its first fund started two years ago, it has invested in the fund along with Goldman Sachs, BMC Software, CDBWebtech and others.

The Finnish-based company "is very committed to expanding our venture capital activities, given the excellent return on investment so far and the exposure we have had to new, innovative technologies and developments in the Internet economy,'' said Pekka Ala-Pietila, president of Nokia.

The new and old funds together have backed more than 25 companies from the United States, United Kingdom, Germany and Finland. The fund will have an increased focus on Israel and the Asia Pacific region, according to the company.

Nokia Venture Partners is based in Menlo Park, CA.

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