Stephen Elop, Finland-based mobile phone maker Nokia’s chief executive (CEO), has invested $1m in Kenya-based services company VirtualCity as the first action of his new role.
VirtualCity’s Mobile Distributor Solution won the Nokia $1m Growth Economy Venture Challenge from Nokia.
Nokia’s Growth Economy Venture Challenge was launched at trade show CES 2010 by former Nokia CEO, Olli‐Pekka Kallasvuo, to create a mobile product or service to improve the lives of people in developing nations and compete and win $1m in venture capital investment.