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Nokia invests $125 million in car connectivity

Published on May 5, 2014 3:24 PM

HELSINKI (REUTERS) - Finnish mobile communications equipment maker Nokia on Monday said it had started a US$100 million (S$125 million) fund to invest in companies working on connecting cars.

The fund will be run by the company's venture capital arm Nokia Growth Partners and will cooperate with Nokia's location unit HERE, it said.

"Our new US$100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity," Nokia Chief Executive Rajeev Suri said in a statement.