Menlo Park, CA - BlueRun Ventures (www.brv.com) today announced the first close of a third venture fund focused on early stage companies in the IT, mobile, and consumer electronics markets. Formerly known as Nokia Venture Partners, BlueRun Ventures will continue its close relationship with Nokia Corp., which continues as limited partner (LP) backing the new fund and is joined by world-class institutional investors. A second closing is anticipated in the first half of 2005.

 

Targeted to reach $350 million by mid-year 2005, the new fund brings the total amount under BlueRun Ventures management to $1 billion. Like its predecessors, the new fund provides start-ups with the capital, contacts, and guidance necessary to leapfrog rivals and reshape their markets. BlueRun Ventures' proven approach is to invest globally as a single fund in best of breed technologies, and teams with the drive and ability to build leading global companies. Over the seven-year history of the firm, BlueRun Ventures has built a global platform, with offices throughout North America, Europe, and Asia, that has enabled successful global market leaders to emerge. As an early stage fund, BlueRun Ventures will invest mostly in Series A and B financing, with an initial investment ranging from  $2 to $8 million.

 

"While branded as Nokia Venture Partners, we helped to build emerging market leaders such as Airgo, Bitfone, Cornice, PayPal, Wavemarket and WiderThan," said John Malloy, Managing Partner for BlueRun Ventures. "Besides great innovation and entrepreneurial leadership, all of those companies had the drive to become global leaders in their respective markets.  It has become increasingly clear to our firm that start-ups need specialized resources and expertise to compete on a global scale earlier than in the past.  This need is particularly acute in the three high-growth markets we target - IT, mobile, and consumer technologies."

 

 "The global technology market is gearing up for several exciting years," Malloy continued. "The pace of innovation is only accelerating and distributing globally.   We look forward to helping passionate entrepreneurs build global leaders in 2005 and beyond."

 

About BlueRun Ventures

Launched in 1998 as Nokia Venture Partners, BlueRun Ventures is a leading early stage venture capital fund. BlueRun Ventures' proven approach is to invest globally as a single fund in best of breed technologies, and teams with the drive and ability to build leading global companies. BlueRun Ventures is headquartered in Menlo Park, California, with offices in Helsinki, Herzelia (Israel), London, New Delhi, Seoul, Shanghai, Tokyo, and Washington, D.C. For more information, visit www.brv.com.

 

About Nokia

Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations. www.nokia.com.

 

Media Enquiries:

 

Nokia

Communications

Tel. +358 7180 36117 and  +358 7180 34900

 

Valerie Christopherson

Bock Communications, Inc.

+1 714 540 1030 ext. 17

 

Gina Bauman

BlueRun Ventures

+1 650 462 7255