Nokia makes debut Chinese investment

Nokia’s in-house venture arm has partnered with Chinese investor Gobi Ventures, a VC in which Nokia has already invested via its fund of funds programme, to back mobile advertising network Madhouse.

Nokia Growth Partners has made an investment of undisclosed size in Madhouse, a Chinese mobile advertising network. The investment in Madhouse, of which Nokia is an advertising client, is the venture firm’s first in the country.

Nokia: Chinese venture

Nokia Growth Partners joins incumbent Madhouse investors TDF Capital, JAFCO Asia and Gobi Ventures.

Paul Asel, partner at Nokia Growth Partners, said the investment “extends a partnership with Gobi Ventures, an early stage venture firm focused on digital media investments in which Nokia invested last year”. The Gobi investment was part of the fund of funds programme launched by Nokia in 2007.

Last year Nokia Growth Partners received an additional commitment from parent company Nokia of $150 million, which took the firm’s total funds under management for direct investment up to $250 million.