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Nokia Venture Partners holds first close on $350m fund and renames itself BlueRun

Nokia Venture Partners, the California-based IT corporate venture unit of the eponymous Finnish mobile phone manufacturer, has renamed itself BlueRun Ventures. The firm has also a first close for its $350m venture fund and says it expects a final close in the first half of this year.

The new fund will have the same investment strategy as his predecessors, providing start-ups with capital, contacts and guidance. The firm invests mostly in Series A and B financing, with an initial investment ranging from $2-8m.

John Malloy, managing partner for BlueRun Ventures, said 'The global technology market is gearing up for several exciting years. The pace of innovation is only accelerating and distributing globally.'

BlueRun Ventures, with offices throughout North America, Europe and Asia, said in a statement that despite its name change it will continue its close relationship with Nokia Corp. and that Nokia Corp. will continue to be a limited partner of the new fund.

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