Nokia Phone Maker HMD Global raises $230 million funding from Google, Qualcomm and Nokia

HMD Global, the company behind new Nokia phones, has secured $230 million in new funding from its strategic investor partners including Google, Qualcomm and Nokia.

Jean-Francois Baril, Executive Chairman and Co-Founder, HMD Global, says with this new investment, their business model is entering a new level of maturity with the valued support of some of the most influential market-makers in mobile devices. 

The company intends to use the funding to its development of 5G devices and make them accessible to consumers across the world. Remember HMD’s first 5G device – the Nokia 8.3 5G – officially goes on sale next month.

HMD Global will further transition to digital-first offerings as part of a new post-COVID reality as well as expand its presence in key growth markets, including the recently introduced operations in Brazil, as well as Africa and India. 

The company says it will also use the new investment to help the business strengthen its leading position beyond just hardware and into a holistic mobile service provider.

This year alone, HMD Global launched its international data roaming service, HMD Connect, enhanced its mobile cybersecurity capabilities with the acquisition of assets of Valona Labs, and built dedicated resources on software, security and services with a new research and development Centre of Excellence in Tampere, Finland.

“ I am extremely proud of our significant achievements to date and also thrilled about the immense opportunity before us to accelerate our journey towards excellence,” Baril said.

Since the company began its operations in 2016, HMD Global is now active in 91 markets across eight regions including Kenya and 250,000 retail outlets and has sold over 240 million phones to date. 

Florian Seiche, Chief Executive Officer, HMD Global, while commenting on the new funding said this investment validates HMD’s long-term business strategy and is evidence of their collective mission to make modern mobile technology accessible to everyone. 

‘’Security, reliability and dependability are the cornerstones of our offering, and we will ensure we are using these funds to deliver the best experiences people have come to expect from a Nokia phone,’’ he said.

‘’As the only major European smartphone manufacturer, we remain true to our Finnish roots and the hallmarks that our customers trust Nokia phones to be synonymous with. With the support of our heavyweight partners, I am truly excited for the next chapter of Nokia phones,” he added. 

Follow us on Telegram, Twitter, Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates.