Nokia phones' parent company HMD Global raises $100 million
HMD Global, the company that designs and sells smartphones under the Nokia brand, has raised $100 million. Led by Geneva-based VC firm Ginko Ventures, the latest round of funding puts the company's current market valuation at over $1 billion, giving it the coveted unicorn status. Other investors include DMJ Asia Investment Opportunity and Wonderful Stars, a subsidiary of Nokia phone manufacturer FIH Mobile.
The funding will be used to scale business operations
"In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets, while continuing to deliver innovation where it matters most to consumers," HMD Global said.
Nokia no longer makes phones itself
Founded by former Nokia execs in December 2016, HMD Global is a standalone business that sells Nokia-branded phones with Foxconn subsidiary FIH Mobile responsible for their manufacturing. It shipped over 70 million Nokia phones in its first year and posted a total revenue of $2.13 billion in the financial year 2017. The company has since scaled operations in over 80 countries.
India is among HMD Global's top three markets
At the Mobile World Congress 2018 (MWC) earlier in February, HMD Global had launched five phones under its 2018 smartphone lineup for the Indian market. These included Nokia 6 (2018), Nokia 7 Plus, Nokia 8 Sirocco, Nokia 1, and Nokia 8110 4G.
