BANGALORE: Global venture capitalist firms (VC's) - London-based Nokia Ventures and the California-headquartered BlueRun have decided to focus on India by forming a joint initiative to single out and invest in Indian companies.

As an early stage fund, BlueRun Ventures will invest mostly in Series A and B, with initial investment ranging from $2 to $8 million. Nokia is BlueRun Venture's largest limited partner.

BlueRun Ventures is a global venture capital fund focused on early stage companies in the IT, mobile, and consumer electronics markets and Nokia Growth Partners' mid-to-late stage focus complements BlueRun Ventures investments, Nokia being the prime mover of both funds.

BlueRun Ventures established its office in New Delhi in 2004 and have invested in Pune based Nevis Networks in May of 2004. Nokia Growth Partners recently announced an investment in Bangalore based Sasken in April

Nokia Growth Partners , a $100M global mid- to late-stage venture capital fund, focuses on investments in mobile technology companies from around the world that are already experiencing industry adoption by large companies such as Nokia. BlueRun is targeting to close a $350 million fund shortly to increase the total amount it manages to $1 billion.

Founding Partner of BlueRun Ventures John Gardner said, "We have long viewed India as one of the most exciting and advanced technology markets in the world. The value proposition for investing in Indian companies creates some of the most significant, emerging opportunities for venture capitalists. We are pleased to have been an early investor in the region and are looking forward to furthering our efforts in working with entrepreneurs to bring technology innovations that touch the global economy to market."