Finland-based mobile device manufacturer Nokia has launched a $100m Connected Car Fund that will invest in companies developing technology for connected and intelligent vehicles.
The fund will be managed by Nokia’s corporate venturing unit, Nokia Growth Partners (NGP). NGP will work closely with Here, a Nokia subsidiary that provides mapping and location products and services, in targeting startups for investment.
“For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles,” said Paul Asel, Partner at Nokia Growth Partners. “Vehicles are becoming a new platform for technology adoption very similar to phones or tablets.
“We are excited to deepen our collaboration with Here through the Connected Car fund to invest in companies that are driving the future of the auto ecosystem, local services and personal mobility.”
The Connected Car Fund will be the fourth fund NGP has managed for Nokia over the past 10 years and brings the unit’s total asset commitments to about $700m.