HMD Global To ‘Aggressively’ Expand Nokia Smartphone Business

Many of you will be well aware that Nokia smartphones are once again available in the market but it’s not the Finnish company itself that’s making these devices. It’s actually another Finnish company called HMD Global that has licensed the iconic brand from Nokia and is now making these devices. The company has raised a fresh round of funding to the tune of $100 million which it’s going to put toward “aggressively” expanding its Nokia smartphone business.

HMD Global emerged on the scene back in 2016 to develop and sell smartphones and feature phones under the Nokia brand. The handsets are manufactured by FIH Mobile which is a subsidiary of Foxconn, one of the largest contract manufacturing firms in the world.

HMD Global has seen considerable success over the past year. It has launched over half a dozen smartphones and as many feature phones. The company said that it shipped more than 70 million devices by the end of December 2017.

The company has now raised $100 million in a fresh round of funding from investors which include Swiss venture capital firm Ginko Ventures. It now has the coveted unicorn status which refers to a valuation of more than $1 billion. The $100 million funding will enable HMD Global to make strategic investments to further scale up its business and aggressively expand the lineup throughout this year and beyond.

Adnan Farooqui
Categories: Cellphones
Tags: HMD Global, Nokia