HMD Global raises $100m in bid to push Nokia devices

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The firm claims to being valued at $1 billion after the round of investments

HMD Global, the company behind the Nokia relaunch, has raised $100 million (£74.5m) to fund strategies to push Nokia handsets.

This round of investment was led by Swiss venture capital firm Ginko Ventures, with participation from DMJ Asia Investment Opportunity.

Also investing is Wonderful Stars, a subsidiary of FIH Mobile which is owned by Hon Hai Precision (Foxconn).

Due to the funds the firm claims to have achieved ‘unicorn status’ meaning the privately-owned firm is now valued at $1 billion.

Since signing the Nokia brand in December 2016 the firm has shipped over 70 million Nokia devices in over 80 countries. It has launched 16 devices in two years which are available in 250,000 retail outlets through 600 direct partners.

In financial its 2017 fiscal year, HMD Global posted a total revenue of €1.8 billion (£1.5bn) along with an operational loss of €65 million (£56m).

HMD Global CEO Florian Seiche said: “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.”

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