HMD Global Raises $100M to Expand Nokia Phone Business
May 21, 2018, 8:03 AM by Eric M. Zeman
HMD Global today said it has raised $100 million in funding in order to help the company grow. HMD Global is the sole licensee of the Nokia brand and makes and sells Nokia-branded phones that run Google's Android operating system. The company brought its first phones to market in early 2017 and has seen modest success in overseas markets. The company claims to have sold more than 70 million phones in over 80 countries at some 250,000 retail outlets. This year, HMD Global plans to "aggressively expand its portfolio of Nokia smartphones" while also finding more places in which it can sell those phones. "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," said Florian Seiche, CEO of HMD Global. "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." The company has released 11 phones to date. HMD Global was created by former Nokia employees. Its phones are manufactured in China. The most recent Nokia phone made available to U.S. buyers is the Nokia 6 (2018), which can be purchased from Amazon.
HMD Global's first significant handset is the Android-powered Nokia 6. This device straddles the border between entry-level and mid-range smartphones thanks to its refined design but outdated specs.
Nokia is back in the phone game, now with proper Android smartphones. Their strategy is affordable, mass-market phones with premium design and construction.
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