HMD Global, ‘home of Nokia phones’ raises €195M funding from Google, Qualcomm investment

Recently, HMD Global, the home of Nokia phones secured $230 million (approx €195 million) as part of Series A2 funding round from its existing partners including Qualcomm, Nokia, and Google. The Finnish company intends to use the funding to fuel HMD Global’s strategic vision in four key areas. With this funding, the company has passed $1 billion valuations.

Jean-Francois Baril, Executive Chairman and Co-Founder, HMD Global, says: “Our unique business model, based on asset-light global deployment and strong partnerships with the best in the industry, is entering a new level of maturity with the valued support of some of the most influential market-makers in mobile devices. 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.”

Aims to use funding in four key areas

First off, HMD Global will accelerate the company’s mission to make 5G smartphones accessible to consumers across the globe with an emphasis on strong partnerships with US carriers. Secondly, the company will further transition to digital-first offerings as part of a new post-COVID reality. Thirdly, the Nokia phone maker plans to expand its presence in key growth markets including the recently introduced operations in Brazil, as well as Africa and India. Finally, the investment will help the business strengthen its leading position beyond just hardware and into a holistic mobile service provider.

HMD Global on roll

HMD Global has done a lot this year including the launch of HMD Connect, its international data roaming service, acquired assets of Valona Labs, and opened a new research and development Centre of Excellence in Tampere, Finland.  

1% market share

A few months back HMD Global unveiled its first 5G device Nokia 8.3 5G powered by Qualcomm Snapdragon 765 Mobile platform with Quad camera. The Nokia 8.3 5G will go on sale later this year, as per the report circulating on the Internet. According to the Counterpoint research, HMD Global has somewhere around 1% market share, ranking it 13th among vendors in the world. 

Since the company began its operations in 2016, HMD Global is now active in 91 markets across 8 regions and 250,000 retail outlets and has sold over 240 million phones to date. In fact, the company has been making Nokia phones from 2017 ranging from entry-level devices like Nokia 1 to high-end experimental devices like Nokia 9 Pureview. 

Florian Seiche, CEO, HMD Global, says: “Since the very beginning, HMD Global has worked to build strong bonds with our strategic partners. This additional investment further validates our long-term business strategy and is evidence of our 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. 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.”

Main image credits:  Framesira / Shutterstock