A member of the top 25 from the Global Corporate Venturing Powerlist
Bo Ilsoe is managing partner in charge of Finland-based technology company Nokia’s $350m corporate venturing fund investing in internet-of-things (IoT) technology companies.
This fund is managed by Nokia Growth Partners (NGP), and Ilsoe also oversees investments for the broader $600m growth stage investor sponsored solely by Nokia alongside his US-based colleagues Paul Asel and John Gardner.
Ilsoe spearheads NGP’s investment strategy in Europe and his investments include Babbel, Moovit, GetYourGuide and Heptagon. He has played a role in fundraising NGP’s three last funds from Nokia, including the $350m IoT fund announced in February.
Ilsoe said: “NGP has grown strongly over the past 10 years now managing in excess of a $1bn, with $500m available for new investments. We are looking to continue on this growth path and fund the best IoT companies out there together with value adding co-investors, starting at the GCV Symposium.”
But by committing $350m in February, Nokia is putting a lot behind his IoT fund’s ability to find new opportunities for a company that rode a wave of growth in mobile phones before losing consumers with ther advent of smart phones.
At the time of the fund launch, Rajeev Suri, president and CEO of Nokia, said: “The $350m internet-of-things investment fund, tasked with finding and funding the best entrepreneurs across the world, reflects our strong intent to be a leader in the technologies that connect people and things, while establishing successful partnerships for both Nokia and the investee companies.”
Ilsoe added: “Connecting everything through IoT solutions is the next big technological wave and it will affect all aspects of our lives. We are excited to continue working closely with Nokia to build the ecosystem while increasing partnering and company success.”
It is a reasonable bet to take, given NGP’s track record of success, which includes several $1bn-plus exits, such as China-based UCWeb and Ganji, and India-based Network18, which was acquired for $450m. Ilsoe’s Nokia profile says the companies he has been involved with include several $1bn-plus exits, such as China-based UCWeb and Ganji, and India-based Network18, which was acquired for $450m.
And Ilsoe has seen how technology can transform markets. He began his career in the telecom infrastructure business with Alcatel and Nokia where he launched some of the first global system for mobile communications (GSM) networks in the world and negotiated GSM supply contracts in Europe and Southeast Asia.
In 2002 he joined Singapore state-backed Vertex Management, where he managed several undisclosed investments with successful M&A transactions generating in excess of $300m, he said.
Ilsoe has also started two companies and raised money for an investment fund focused on Eastern Europe. He graduated with honours with a master’s in electronics engineering from Aalborg University, Denmark.
Nokia’s investment activity since the beginning of 2015
