Nokia Growth Partners (NGP) Announces the Investment of USD 350 Million Fund in IoT Companies. The fund which is sponsored by Nokia, will serve to develop new opportunities to grow the ecosystem in IoT solutions. The fund IV commitment brings NGP’s total assets under management to over USD 1 billion, including USD 500 million available for new investments.
NGP Announces the Investment of USD 350 Million Fund in IoT Companies
The fund will invest in promising companies primarily around Connected Enterprise, Consumer Solutions, Connected Car and Digital Health, as well as enabling technologies with a focus on capabilities in big data and analytics. NGP’s reach spans the US, Europe, India and China.
Nokia President and CEO Rajeev Suri said:
“The $350 million Internet of Things investment fund, tasked with finding and funding the best entrepreneurs across the world, reflects our strong intent to be a leader in the technologies that connect people and things, while establishing successful partnerships for both Nokia and the investee companies,”
The fund will support Nokia in defining future business opportunities and the technical underpinnings for the rapidly growing IoT market. Nokia expects IoT to create new industries and opportunities in connected mobility, smart cities, public safety and healthcare and the connected home.
NGP Managing Partner Bo Ilsoe said:
“Connecting everything through IoT solutions is the next big technological wave and it will affect all aspects of our lives. We are excited to continue working closely with Nokia to build the ecosystem while increasing partnering and company success. With the new commitment from Nokia, NGP has more than USD 500 million of fresh capital to deploy behind the best entrepreneurs and teams out there.”