HMD Global gets $100 mn funding to scale up Nokia operations

By IANS | Published on 23 May 2018
HMD Global gets $100 mn funding to scale up Nokia operations

The funding will pave way for HMD Global to work on the "next chapter" of Nokia phones. The company also plans to double down on expanding channel reach in strategic markets.


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In a bid to scale up its business operations, Finnish company HMD Global - which sells Nokia branded phones - has announced that it has raised an additional $100 million from investors.

With the latest funding, HMD Global's current market valuation exceeds $1 billion giving it a unicorn status. 

"We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for," Florian Seiche, CEO, HMD Global, said in a statement late on Monday.

This round of investment is led by Geneva-based Ginko Ventures via Alpha Ginko Ltd with participation from DMJ Asia Investment Opportunity Limited and Wonderful Stars Pte Ltd -- a subsidiary of FIH Mobile Ltd.

"We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond," Seiche added.

In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets while continuing to deliver innovation where it matters most to consumers.

Since Mobile World Congress (MWC) 2017, the Finnish start-up has introduced 16 devices and global partnerships with industry majors such as Google and ZEISS, in addition to its long term strategic relationship with Nokia and FIH. 

The company is also working towards manufacturing its own components in India, a top company executive recently told IANS.

"We are following the phased manufacturing programme. In line with this, we have started having conversations with our partner Foxconn to manufacture our own components in the country," said Ajey Mehta, Vice President and Country Head-India, HMD Global.


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