News

Mobile start-up Essential confirms $300 million funding round

Date Type Companies involved Size
August 11th, 2017 investment Essential $300m
Mobile start-up Essential confirms $300 million funding round

Smartphone start-up Essential Products has confirmed a $300 million funding round to develop and release a brand new mobile device.

The company was set up by Android operating system co-creator Andy Rubin. The latest investment, originally reported in June 2017, brings total funding in the firm to $330 million.

According to Reuters, the latest funding round included investors such as Tencent, Foxconn, Amazon, Redpoint Ventures and Playground Global.

Readying for retail

Essential has also signed up a number of retailers to sell its first device, including Best Buy, Amazon and mobile carriers Sprint and Telus.

A release date for the company’s debut smartphone, the PH-1, is expected to be announced during the week starting August 14th 2017.

Essential is currently taking reservations through its own website the the phone, which features an edge-to-edge display and an optional 360 camera add-on. The smartphone is currently priced at $699.

The funding round values the company at around $900 million to $1 billion.


Senior Editor

Craig Chapple is Senior Editor of PocketGamer.biz. He was previously Deputy Editor at Develop and Online Editor at Nintendo of Europe.

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