Mobile start-up Essential confirms $300 million funding round
| Date | Type | Companies Involved | Size |
|---|---|---|---|
| Aug 11, 2017 | investment | Essential | $300m |
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.
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