Nokia invests $100-M in car connectivity

Reuters

Posted at May 05 2014 03:54 PM | Updated as of May 05 2014 11:54 PM

HELSINKI - Finnish mobile communications equipment maker Nokia on Monday said it had started a $100 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 $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.