Nokia has launched a $100m (£59m) fund which will invest in firms specialising in connected and smart vehicles.

It is seen as a key growth area and Nokia has established its presence in the sector with its mapping service Here for connected vehicles.

The move comes just days after Nokia completed the sale of its handset unit to Microsoft.

The Finnish firm has said that mapping services is one of the three key businesses that it plans to focus on.

Nokia said the fund, which will be managed by Nokia Growth Partners (NGP), will support the growth of the sector.

(BBC)