May 5, 2014 / 7:20 AM / 4 years ago

Nokia invests $100 million in car connectivity

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.

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

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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