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Nokia establishes a USD 100 million Venture Capital Fund
April 24, 1998
Nokia will establish a USD 100 million Nokia Venture Capital Fund to fuel future growth and to boost new product and long term business development. As one of the world´s leading telecommunications companies, Nokia sees itself extremely well positioned to exploit new growth possibilities in the new competitive arena emerging from the convergence of telecom, datacom and IT industries, and intends to actively utilize this opportunity.
By establishing a dedicated venture fund focusing on new start-up businesses and technologies, Nokia believes it can both speed up and complement its own development as well as nurture the emerging new business ecosystem of communications. Pekka Ala-Pietilä, appointed Executive Vice President as of July 1, 1998, will have the responsibility for Nokia Venture Capital Fund.
"In addition to our extensive ongoing investments into various technologies, we will expand our activities into new promising areas, in order to move toward our vision of future communications solutions, products and services," says Mr Ala-Pietilä. "Therefore, we plan to have a global investment scope with special emphasis on innovation centers. In order to support the new fund maximally, we will simultaneously establish an office in Silicon Valley."
Headquartered in Finland, Nokia is a broad-scope telecommunications company supplying mobile phones, mobile and fixed telecommunications networks, data communications solutions, multimedia terminals and computer monitors. With sales in 130 countries, net sales totaled FIM 52.6 billion ($9.8 billion) in 1997. Nokia, listed on NYSE (NOK.A), employs more than 38,000 people worldwide.
Further information:
Nokia Corporate Communications
Tel. +358 9 1807 363
Fax +358 9 652 409
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