Digital

Nokia’s Next Mapping Frontier is the Connected Car

May 05, 2014 8:30 am

Skift Take

Nokia has to feel good about having a singular purpose once again, and thank goodness it’s aiming its efforts squarely at mapping and navigation.

— Jason Clampet

Sponsored by:

Turnkey Analytics to Track Your Competitors

Heikki Saukkomaa/Lehtikuva  / Reuters

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

Tags: ,

Next Up

More on Skift

Travel IPO Market of 2014 Has Shifted Toward Europe and Asia
Expedia Will Try to Capitalize on Priceline’s and TripAdvisor’s M&A Distractions
Best Travel Ads This Week: An Understated Approach to Marketing
What Today’s Global Business Travelers Need In a Corporate Travel Program