Espoo, Finland - Building on USD 350 million of new commitments from Nokia for global Mobility and Connected Car investments, NGP makes four new China deals in six months, expands the team and announces the exit of UCWeb, as part of the largest private internet deal in China.
With an expanded investment team led by Partner and Managing Director David Tang, NGP has closed four new deals in China in the last six months in digital advertising, gaming, online dining delivery and crowdsourced work solutions. This year's exits include mobile web company UCweb and game platform KongZhong. Alibaba's acquisition of UCWeb has been reported as the biggest merger in the history of China's Internet industry.
"We look for capable companies active in the mobile consumer, local commerce, data & analytics, mobile enterprise spaces, as well as the connected car. We are very proud of the successes we have had with UCweb and KongZhong, over the last few years" said David Tang. "We look forward to continuing our investment efforts and helping our portfolio companies grow to become the next big success stories out of China".
NGP has invested in several Chinese mobile technology companies including Ganji, MadHouse and Gridsum. With four new deals this year in SolarVista Media, Meican and a yet unannounced game developer investment, NGP now announces Wei Chai Shi as the latest addition to its portfolio. Wei Chai Shi connects businesses to an on-demand mobile workforce who are paid to use their mobile phones to collect, capture, and report real-time data while going about their everyday activities. Wei Chai Shi has over 100 global clients with a network of over 400 cities in China.
NGP also welcome new member Allen Zhu to the investment team. Allen joins from internet startup Che101.com and previously worked with investment banking and M&A at China International Capital Corporation and Moelis & Company.
About Nokia Growth Partners
NGP invests in companies that are changing the face of mobility, connectivity and the internet. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and take them to the global market. With offices in the US, Europe, India and China, NGP extends the reach of companies making their products and services local everywhere.
Visit http://www.nokiagrowthpartners.com for more information.