Nokia Venture Partners has changed its name to BlueRun Ventures announced the first close of a third venture fund focused on early stage companies in the IT, mobile, and consumer electronics markets. The group will continue its close relationship with Nokia Corp., which continues as limited partner (LP) backing the new fund and is joined by other institutional investors. A second closing is anticipated in the first half of 2005.
Targeted to reach $350 million by mid-year 2005, the new fund brings the total amount under BlueRun Ventures management to $1 billion. As an early stage fund, BlueRun Ventures will invest mostly in Series A and B financing, with an initial investment ranging from $2 to $8 million.
Nokia Venture Partners’ portfolio companies have included Airgo, Bitfone, Cornice, PayPal, Wavemarket and WiderThan.
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