Nokia Growth Partners (NGP) has closed a new $350m fund dedicated to IoT companies.
The fund, sponsored by Nokia, will invest in companies focused on developing Connected Enterprise, Consumer Solutions, Connected Car and Digital Health technologies, as well as enabling capabilities in big data and analytics.
The fund, which invests in the US, Europe, India and China, aims to support Nokia in defining future business opportunities and the technical underpinnings for the IoT market. Working closely with operators, enterprises and an ecosystem of partners through its IoT community, the Finnish TLC company expects IoT to create new industries and opportunities in connected mobility, smart cities, public safety and healthcare and the connected home.
The new vehicle brought NGP’s total assets under management to over $1 billion, including $500m available for new investments.
Commenting on the close, 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”.