HMD Global raises USD 100 million funding
Finland-based startup HMD Global, the exclusive licensee for Nokia’s phones and tablets, has raised an additional 100 million US dollars to scale up operations and fuel growth.
The investment round was led by Swiss-based Ginko Ventures, via Alpha Ginko, with participation from DMJ Asia Investment Opportunity Limited and from FIH Mobile subsidiary Wonderful Stars.
The latest funding gives HMD Global a unicorn status, as its current market valuation exceeds one billion US dollars. The company plans to make strategic investments with the funds to scale up its operations and reach in strategic markets, and in 2018 sets out to aggressively expand its Nokia smartphone portfolio.
“We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones,” says Florian Seiche, CEO of HMD Global. “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. 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.”
After launching on 1 December 2016, HMD Global shipped more than 70 million Nokia-branded phones in its first year and set up sales operations in more than 80 countries. In 2017, the company reported a total revenue of 1.8 billion euros, along with an operational loss of 65 million euros.