(2 August 2008 7:00 pm)

MUMBAI: Mobile phone maker Nokia has announced that it will be investing an additional US $ 150 million into its venture investment arm Nokia Growth Partners.

This will increase funds under management for direct investments to USD 250 million.

Nokia began sponsoring funds and promoting venture investments in 1998 as a catalyst for innovation in the mobile industry.

Launched in 2004, Nokia Growth Partners will now establish direct operations in India and China and augment investment activity in the US and Europe.

With the additional investment announced, Nokia Growth Partners intends to continue pursuing investments that are of strategic relevance to Nokia and/or complementary to its strategy.

It is now planning to invest in eight to 10 new firms each year.

Nokia has been getting very active in the mobile internet services market where it believes future revenues lie.

In addition to direct investment activities, Nokia Growth Partners will advise on Nokia's other venture capital fund investments. Both of these activities focus on promising companies seeking change in the mobile landscape.

Target investments include companies creating innovative mobile applications and services that encourage rapid adoption of mobile solutions, such as context and location based services, mobile payments, mobile advertising, music and entertainment and other mobile services and software.