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Nokia phone manufacturer to “aggressively expand” in 2018 after raising $100 million

Date Type Companies involved Size
May 22nd, 2018 investment HMD Global $100m
Nokia phone manufacturer to “aggressively expand” in 2018 after raising $100 million

Nokia phone manufacturer HMD Global has raised $100 million from multiple investors to scale business operations and fund the company's growth in its second year.

This investment was led by Geneva-based venture capital firm Ginko Ventures. It also included DMJ Asia Investment Opportunity Limited and Wonderful Stars, a subsidiary of Chinese mobile manufacturers FIH Mobile.

According to HMD Global, its current market valuation exceeds $1 billion, giving it a unicorn status.

The Finland based start-up said it planned to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets.

You used to call me on your cell phone

"We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones,” said HMD Global CEO Florian Seiche.

“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 Global acquired the rights to the Nokia name back in May 2016. The deal was closed in December 2016.

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Staff Writer

Iain is a freelance writer based in Scotland with a penchant for indies and all things Nintendo. Alongside PocketGamer.Biz, he has also appeared in Kotaku, Rock Paper Shotgun, PCGamesN and VG24/7.

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