HMD Global raises $100m for Nokia phones expansion

25 May 2018
00:00
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Daily News

HMD Global has raised additional $100 million in funding as the Finnish startup seeks to grow its Nokia phones business.

This round of investment has been led by Geneva based Ginko Ventures via Alpha Ginko, with participation from DMJ Asia Investment Opportunity and Wonderful Stars, a subsidiary of FIH Mobile.

In a statement, HMD Global said the new investment gives the company a “unicorn” status with a market valuation in excess of $1 billion.

The company is now well positioned to make “strategic investments” in scaling its fast-growing business operations and plans to “aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets,” HMD Global said.

"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,” HMD Global CEO Florian Seiche said.

“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."

HMD Global set up in late 2016 and in its first year has shipped more than 70 million Nokia branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries.

Today, Nokia phones are sold at over 250,000 retail outlets across the world and more than 600 direct trade partners are committed to this next chapter of Nokia phones globally, the company said.

Last year, HMD Global posted a total revenue of €1.8 billion ($2.13 billion) along with an operational loss of €65 million ($77 million).

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