Finland-based mobile phone manufacturer HMD Global secured $230m in funding yesterday, from investors including internet technology provider Google, mobile semiconductor producer Qualcomm and communications equipment provider Nokia according to CNBC.
HMD was formed in 2016 when former Nokia executives acquired the phone business the company had sold to software provider Microsoft two years earlier. It produces smartphones equipped with Google’s Android mobile operating system as well as a range of basic feature phones.
The funding will support the provision of 5G smartphones through partnerships with US mobile carriers in addition to digitising its work practices and expanding in global markets including Africa, India and Brazil.
The company will also put money into an ongoing expansion from hardware into mobile services that was recently boosted by the introduction of an international data roaming service dubbed HMD Connect.
Jean-Francois Baril, co-founder and chairman of HMD Global, said: “Our unique business model, based on asset-light global deployment and strong partnerships with the best in the industry, is entering a new level of maturity with the valued support of some of the most influential market-makers in mobile devices.
“I am extremely proud of our significant achievements to date and also thrilled about the immense opportunity before us to accelerate our journey towards excellence.”
Ginko Ventures, the venture capital firm backed by contract manufacturer Foxconn, had led a $100m series A round in mid-2018 that valued HMD above $1bn, investing alongside DMJ Asia Investment Opportunity and Wonderful Stars, part of Foxconn’s FIH Mobile subsidiary.
Photo courtesy of HMD Global.
