Nokia invests $100 million in car connectivity

HELSINKI Mon May 5, 2014 3:16am EDT

Nokia CEO Rajeev Suri speaks during a news conference to announce its first quarter earnings in Espoo April 29, 2014. REUTERS/Heikki Saukkomaa/Lehtikuva

Nokia CEO Rajeev Suri speaks during a news conference to announce its first quarter earnings in Espoo April 29, 2014.

Credit: Reuters/Heikki Saukkomaa/Lehtikuva

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HELSINKI (Reuters) - 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.

(Reporting by Sakari Suoninen; Editing by Jussi Rosendahl)

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