October 21, 2008 – Beijing, China - Nokia Growth Partners, a global venture capital management fund, today announced the debut of its China operations. Nokia Growth Partners also announced an investment in Madhouse, a leading mobile advertisement network in China. 

"China is an incredible place to witness the ongoing convergence between mobility and the Internet. We see China rising to the forefront of innovation that is equally relevant both locally and globally", said David Tang, Vice President, Sales, Nokia China. "The expansion of Nokia's partner ecosystem in China is all about building momentum for innovation." 

Nokia Growth Partners was established in 2004 by Nokia as a growth stage venture firm focused on mobile technology, services and media.  Nokia Growth Partners has $250 million under management for direct investments. Nokia Growth Partners invests in companies, funds and people that are changing the face of mobility, communications and the internet.  Recent investments involve promising companies developing innovative mobile applications in context aware location services, mobile payments, mobile advertising and mobile entertainment etc.

Nokia, the global leader in mobile devices and a leading innovator in the convergence of mobility and the Internet, has established a broad network of mobile developers, entrepreneurs and innovators.  These partners complement extensive internal development efforts to offer compelling handset features and services that will drive adoption of the next billion mobile users and enhance the enjoyment and productivity for all mobile customers.  Nokia Growth Partners and Nokia's other venture fund commitments augment these partnering efforts. To date Nokia's commitments to venture funded activities have exceeded $900 million.

"Nokia is committed to connecting people in new and better ways, as well as maintaining and extending its leadership in the mobile and Internet space.  China is an important part of our plans to create investment vehicles to support innovation around the world.  Developing a systematic and sustainable private equity and venture capital strategy provides Nokia with a holistic approach to access the innovation and partnering opportunities in China", says Rick Simonson, Chief Financial Officer of Nokia.

By working with Nokia Growth Partners, innovators can receive much more than just financial support.  The prospect of partnerships and insights built on close alignment with Nokia sets Nokia Growth Partners apart from pure financial investors.

"Nokia Growth Partners is the partner of choice for promising companies seeking to impact the global converged mobility and internet market. Nokia Growth Partners offers companies deep industry expertise, access to a global network and an intimate working relationship with Nokia.  China is a vital part of our global engagement model and we look forward to working with many companies that will have big impact in our industry"   said Paul Asel, Partner of Nokia Growth Partners, who is based in Beijing.

"We are delighted to have Nokia Growth Partners as an investor in Madhouse," said Joshua Maa, founder and CEO of Madhouse Inc.  "Nokia's global perspective and strong presence in China will strengthen our leadership position in China's mobile advertising market.   Through an expanded partnership with Nokia, Madhouse will continue to develop the industry's most advanced mobile marketing solutions and most extensive mobile ad network in China."

About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks.

About Nokia Growth Partners
Nokia Growth Partners is a leading global growth stage venture firm focused on mobile technology, services and media.  Nokia Growth Partners is funded by Nokia to provide superior returns and investments into companies, firms, and people that are changing the face of mobility, communications, and the internet.  Nokia Growth Partners works closely with the promising companies adding value through deep domain expertise and network in the mobility market combined with many years of venture investment experience.  Nokia Growth Partners offers companies in which it invests a global engagement model through its presence in the U.S., Europe and Asia.  See www.nokiagrowthpartners.com for more information.

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