BlueRun Ventures Appoints Andrew Chen to Head Operations in China, Nokia Ventures Organization Asia and BlueRun Ventures are inaugurated in Finland-China Innovation Center in Shanghai
Shanghai, China - BlueRun Ventures (www.brv.com), a global venture capital fund focused on early stage companies in the IT, mobile, and consumer markets, today announced that it has opened a new office in Shanghai, China, and appointed Mr. Andrew Chen as Investment Director for the office. The expansion follows the firm's recent announcement of its latest US$350m fund, with Nokia and other world-class financial investors being its major investors. The firm has US$1B under its management
BlueRun Ventures and the Nokia Ventures Organization Asia (NVO Asia), Nokia's corporate venturing arm in Asia, will be inaugurated in Finland-China Innovation Center. Nokia Ventures Organization Asia was established in October 2003 in Shanghai, where it actively pursues and develops new business opportunities and seeks to develop collaborative models with Chinese entrepreneurs. During the past two years, Nokia Ventures Organization Asia has achieved solid progresses for its venturing activities in new domains such as mobile navigation.
"China not only has become a dynamic region for innovations but also increasingly the first entry market for technology start-up companies" said Mr. Jui Tan, Partner of BlueRun Ventures. "By having a presence in Shanghai and Andrew joining us, we hope to expand our investments in best-of-breed technology companies in China and also help our portfolio companies in the US and Europe to develop business partnerships in China. Through our limited partner, Nokia, we will also be working synergistically with Nokia Ventures Organization Asia in wireless and consumer related investments, with the goal of enhancing financial returns for our investors," he continued.
"Facilitating innovation growth in China through partnership is an important part of Nokia's mission in China. Since the setting up of Nokia Ventures Organization Asia in Shanghai in 2003, NVO Asia has not only contributed to Nokia's renewal but also benefited the local partners in the Chinese mobile ecosystem." said Mr. David Ho, President of Nokia China "Nokia's role as a founding partner of Finland - China Innovation Center (FINCHI) further demonstrated our commitment in promoting technological and innovation cooperation between the two nations."
"With BlueRun Ventures' presence in Shanghai and through strengthening local cooperation between NVO Asia and BlueRun Ventures, we will create more value for the local innovation community in China" says Mr. Marko Vänskä, Director of NVO Asia.
"BlueRun Ventures has a global platform of people and best practices that can help Chinese start-ups become leading global companies," said Mr. Andrew Chen. "I am excited to be part of the team and look forward to working with Chinese entrepreneurs and fellow investors to build successful companies in this market."
BlueRun Ventures' proven approach is to invest globally as a single fund in best of breed technologies and teams with the drive and ability to build leading global companies. Over the seven-year history of the firm, BlueRun Ventures has built a global platform, with offices throughout North America, Europe and Asia, that has enabled successful global market leaders to emerge. As an early stage fund, BlueRun Ventures will invest mostly in Series A and B, with initial investment ranging from $2 to $8 million.
Background of Mr. Andrew Chen
Prior to joining BlueRun, Andrew Chen was Business Director with Silicon Storage Technologies and a Management Consultant with McKinsey & Company in Shanghai. He started his career as a circuit designer at Bell Labs Lucent Technologies in New Jersey, USA. Chen has a Ph.D. and MS in electrical engineering from Yale University and a B.S. in Physics from the University of Science & Technology of China.
About BlueRun Ventures
Launched in 1998, BlueRun Ventures is a leading early stage venture capital fund. BlueRun Ventures' proven approach is to invest globally as a single fund in best of breed technologies and teams with the drive and ability to build leading global companies. BlueRun Ventures is headquartered in Menlo Park, California, with offices in Helsinki, Herzelia (Israel), London, New Delhi, Seoul, Shanghai, Tokyo, and Washington, D.C. For more information, visit www.brv.com.
About Nokia
Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations. www.nokia.com.
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