Doug Drinkwater: Nokia announces $350 million IoT venture fund

The Nokia-backed VC firm, Nokia Growth Partners (NGP), announced a new $350 million (£247 million) fund focused specifically on the Internet of Things (IoT) at Mobile World Congress on Sunday.

Announcing the news at a press briefing in Barcelona yesterday, Nokia CEO Rajeev Suri said: “We are launching a $350 million IoT investment fund through Nokia Growth Partners. Our goal is to help accelerate the broad IoT ecosystem, increase the demand for connectivity and generate returns from investments in compelling opportunities.”

“When it comes to the Internet of Things we have been moving fast testing ideas. New business model. New ways to use connectivity to deliver benefits to people and enterprises of all kinds,” he continued.