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Nokia Launches $500 Million Venture Fund

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launched a $500 million fund to invest in mobile Internet start-up companies engaged in wireless technology.

The Finnish mobile phone company said the fund is backed by other investors, including

Goldman Sachs

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. The new fund and a fund started in 1998 have together backed more than 25 portfolio companies from the U.S., the U.K., Germany and Finland.

Shares of Nokia were recently up 1.3%, or 56 cents, to $44.13 in trading on the

New York Stock Exchange