Nokia Woos VC-Backed Startups
by
Cassimir Medford
on
11 September 2008, 14:18
Categories:
Media
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Communications
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Finance
Topics:
nokia
,
apple
,
Cassimir Medford
,
Kyte
,
App Store
,
Paul Asel
,
Morpho
Nokia, the world’s largest mobile handset maker, on Thursday announced increased business and technology support for VC-backed mobile application developers.
As the mobile Internet gains in popularity and phone processors grow in power, mobile data applications have received increased attention from phone makers such as Apple and Nokia.
Both Apple through its App Store and Nokia through a similar effort are promoting new independent mobile apps via open marketplaces. (see Apple, Nokia Battle for Mobile Startups)
The Finnish company, which has been transforming itself from a hardware firm to a full service mobile player, said it is launching the new support program to bolster startups that have already come to the attention of top-tier VCs.
In July, Nokia added $150 million to its VC war chest boosting its fund total to $250 million. The company also added $100 million to its indirect funding through independent VCs bringing that total to $700 million. (see Nokia Adds $150M for Startups)
Startups picked to be in Nokia’s new program will get increased technical, marketing, business development and distribution services and will pay lower membership fees.
In the last two years Nokia has spent heavily on the acquisition of mobile app startups including navigation firm gate5, mobile ad startup Enpocket, and software firm Trolltech.
“Ours is a distinct effort to invest in and provide the expertise from within Nokia to take promising technology and grow it appropriately, and whether Nokia buys the company or not is not a measure of success,” said Paul Asel, managing partner Nokia Growth Partners.
Two Nokia-backed firms, San Francisco-based Kyte and Tokyo-based Morpho, were picked as the initial members of the new program.