Nokia-backed venture fund targets China

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Aug 31, 20051 min

BlueRun Ventures opens Shanghai office to ID investment opportunities in Chinese tech companies

BlueRun Ventures, a U.S. venture capital firm that counts Nokia among its financial backers, has opened a Shanghai office to identify investment opportunities in Chinese technology companies, it said Tuesday.

The announcement comes soon after BlueRun closed $350 million in funding from backers that include Nokia Venture Partners, the venture capital arm of the mobile telecommunications equipment maker, which is based in Espoo, Finland. The fund will be used to make investments ranging from $2 million to $8 million, the firm said earlier this year.

BlueRun generally invests in companies that develop mobile and consumer technologies. Its Shanghai office will be headed by Andrew Chen, formerly a business director at chip maker Silicon Storage Technology.

In addition to China, BlueRun Ventures and Nokia are also looking at India. In June, the two partners announced plans to work together to identify investment opportunities in that country.