LONDON BlueRun Ventures, formerly Nokia Ventures, has opened an office in Shanghai, China, and appointed Andrew Chen as investment director for the office, with a view to making more investments in China and to help startups make progress in Chinese markets.
As an early stage fund, BlueRun Ventures is set to invest mostly in Series A and B, with initial investments ranging from $2 million to $8 million.
The expansion follows the firm's announcement of a $350 million fund, with money from Nokia and other world-class financial investors.
BlueRun Ventures is working in China alongside Nokia Ventures Organization Asia (NVOA), which was established in October 2003 in Shanghai. During the past two years, Nokia Ventures Organization Asia has worked on venturing activities in such areas 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 Jui Tan, a partner at BlueRun Ventures (Menlo Park, Calif.), in a statement. “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.”
“BlueRun Ventures has a global platform of people and best practices that can help Chinese startups become leading global companies,” said Andrew Chen, in the same statement.