Finland-based electronics manufacturer HMD Global received $100m yesterday in a funding round led by Ginko Ventures, contract manufacturer Foxconn’s European investment arm.
Ginko, which invested through its Alpha Ginko vehicle, was joined by Wonderful Stars, a subsidiary of Foxconn’s FIH Mobile division, as well as an entity called DMJ Asia Investment Opportunity. The round valued HMD at more than $1bn.
Founded in December 2016, HMD has licensed the manufacturing rights for smartphones and feature phones designed and developed by Finland-headquartered electronics producer Nokia.
The rights were acquired from Microsoft, which bought Nokia’s handset and mobile services business in 2014. HMD’s CEO is Florian Seiche, formerly senior vice-president of sales and marketing in Europe for Nokia and then Microsoft Mobile.
Seiche said: “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.
“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.”
HMD has shipped some 70 million Nokia-branded phones so far and has sales operations in place in more than 80 countries. The funding will help it significantly expand its range of phones while seeking to expand its presence in certain strategic markets.
Jean-Francois Baril, managing director of Ginko Ventures, has taken a board seat at HMD in connection with its investment. He said: “We are proud to contribute to the next phase of Nokia phones and the successful raising of this investment round.
“Personally, as someone who has long been associated with the Nokia brand, this journey is very exciting. From its roots in Finland, HMD Global has chosen an agile strategy that leverages global relationships and collaborations to achieve its phenomenal growth.”