Beijing - Finland-based cell phone maker Nokia's (NYSE: NOK) Nokia Growth Partners venture capital fund has invested an undisclosed amount in Madhouse, a mobile advertising network in China.

"China is an incredible place to witness the ongoing convergence between mobility and the Internet. We see China rising to the forefront of innovation that is equally relevant both locally and globally," said David Tang, VP of sales for Nokia China.

"The expansion of Nokia's partner ecosystem in China is all about building momentum for innovation."

The investment marks Nokia's first investment deal in mainland China.

"It costs one-fifth the amount to develop a company [in China]," Paul Asel, the managing partner for Nokia's fund in China, told Reuters.

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http://www.reuters.com/article/marketsNews/idUSPEK21495220081021