In its third-quarter results, Nokia revealed it had recorded a gain of €50 million related to the sale of navigation app Waze, which was bought earlier this year by Google.

The ailing Finnish giant said the cash came through “a distribution from an unlisted venture fund related to the disposal of the fund’s investment in Waze Ltd”.

It seems likely that this is a reference to BlueRun Ventures, which grew from Nokia’s venture investment activities some time ago.

According to Fortune, BlueRun invested $14 million in the company over a number of years following the 2008 Mobile World Congress, although Bloomberg put the figure at $8.7 million.

Bloomberg suggests that the BlueRun stake was worth $165 million at the time of Waze’s sale.

It is not known how big a stake the venture fund had in Waze, although John Malloy, general partner with BlueRun, told Fortune that it invested in every round except the last, and was “the largest shareholder”.

According to GigaOm, BlueRun alongside Magma Ventures and Vertex Ventures, which were the earliest backers, each made “well north of $100 million from the deal” – with Microsoft and Qualcomm Ventures also among the backers.

In addition to Waze, BlueRun has invested in ringback tone service provider Muzicall, which was this week acquired by RealNetworks.

At 30 September 2013, Nokia had investments of €432 million in unlisted funds that make similar investments.