Markus Salolainen and Rob Trice Promoted To Lead New Fund
Menlo Park, Calif. and London - Nokia Venture Partners, a leading global venture capital firm focused on early-stage technology companies, today announced the formation of a new mid- to late-stage $100 million venture capital fund, Nokia Growth Partners.
The new fund, founded to complement the continuing early-stage investing activities of Nokia Venture Partners, will be led by Markus Salolainen and Rob Trice, who have been promoted to General Partner.
Similar to other existing Nokia Venture Partners' funds, Nokia Growth Partners will have a global footprint and ROI-focus. Unlike Nokia Venture Partners' current fund with multiple Limited Partners, Nokia Growth Partners will have Nokia as its sole Limited Partner.
Nokia Growth Partners will invest in innovative mobile technology companies from around the world that have commercially available product, are experiencing significant revenue growth, and beginning to experience adoption by large companies such as Nokia.
"Nokia Growth Partners, as a mid to late stage focused fund, represents an expansion of our global, early stage venture model that will increase our ability to work with great companies at all stages and cycles of innovation," said Nokia Venture Partners managing partner, John Malloy. "Salolainen and Trice have produced exceptional results during their time at Nokia Venture Partners and we believe they are the right team to lead Nokia Growth Partners."
Matti Alahuhta, executive vice president of Nokia said, "Nokia Growth Partners will be an important element in Nokia's overall innovation strategy. Nokia is pleased to associate its brand with Nokia Growth Partners, as it continues to renew its global venture model. We believe the addition of this fund will significantly further Nokia's efforts in driving 'win-win' relationships with technology innovators in the mobility ecosystem."
Salolainen and Trice will be the General Partners of Nokia Growth Partners. Salolainen, based in London, will co-manage the Nokia Growth Partners fund with Trice, based in Menlo Park.
Salolainen brings over ten years of investment banking and venture capital experience to the team, of which four years have been with Nokia Venture Partners. Previously, he worked at UBS and HSBC, focusing on telecoms and technology. Salolainen holds a Master of Science from the London School of Economics and a Bachelor of Science from the University of Surrey.
Trice has also been with Nokia Venture Partners for four years. He came to Nokia Venture Partners from DIRECTV, where he worked in a variety of operational and business planning roles in the U.S. and overseas. He holds a Master of Arts in International Transactions from George Mason University and a Bachelor of Arts from the University of Virginia in Political Science.
Nokia Venture Partners will be raising a third early stage fund in 2005. More details about this will be available in 2005.
About Nokia Growth Partners
Nokia Growth Partners is a global mid- to late-stage venture capital fund headquartered in London and Menlo Park, California. Nokia Growth Partners focuses on investments in mobile technology companies from around the world that are already experiencing industry adoption by large companies such as Nokia. For more information about Nokia Growth Partners, please visit http://www.nokiagrowthpartners.com.
About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm headquartered in Menlo Park, California. Backed by a number of value-add limited partners, the fund leads investments in early stage technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful businesses. The firm also has offices in Washington DC, London, Helsinki, Hertzelia, Seoul, Hong Kong, New Delhi and Tokyo. For more information, visit http://www.nokiaventurepartners.com.
Nokia Venture Partners is a leading global venture capital firm headquartered in Menlo Park, California. Backed by a number of value-add limited partners, the fund leads investments in early stage technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful businesses. The firm also has offices in Washington DC, London, Helsinki, Hertzelia, Seoul, Hong Kong, New Delhi and Tokyo. For more information, visit http://www.nokiaventurepartners.com.
About Nokia
Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations. www.nokia.com
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