Nokia makers raise $100 million to fuel growth

Nokia makers raise $100 million to fuel growth
Source: Ghana |
Date: 24-05-2018 Time: 10:05:09:am

Finland based start-up, HMD Global, the home of Nokia phones, has announced that it has raised additional $100 million from multiple investors to scale business operations and fund the company’s growth in its second year.

This round of investment has been led by Geneva-based, Ginko Ventures via Alpha Ginko Ltd. with participation from DMJ Asia Investment Opportunity Limited and Wonderful Stars Pte. Ltd., a subsidiary of FIH Mobile Ltd.

With the latest round of funding, HMD Global’s current market valuation exceeds USD 1 billion, giving it a unicorn status.

HMD Global will be making strategic investments in scaling its fast-growing business operations.

In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets while continuing to deliver innovation where it matters most to consumers.

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

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.”

Set up on December 1, 2016, the company in its first year has shipped more than 70 million Nokia branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries.

Today, Nokia phones are sold at over 250,000 retail outlets across the world and more than 600 direct trade partners are committed to this next chapter of Nokia phones globally.

In the financial year 2017, HMD Global posted a total revenue of EUR 1.8 billion ($2.13 billion) along with an operational loss of EUR 65 million (USD 77 million).

Demonstrating incredible passion, engagement, and enthusiasm for the new portfolio, the response from fans around the world to the new Nokia range of Android smartphones has been humbling. HMD is set out to capture the hearts and minds of the next generation of consumers.

Two-thirds of consumers buying a Nokia phone today are below the age of 35 years. Four out of every five consumers are recommending a Nokia smartphone to their friends and family.

Over 150,000,000 visits have been welcomed to the website since January 2017. 

Jean-Francois Baril, Ginko Ventures Managing Director and Founder, HMD Board member, “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.”

Since MWC 2017, the Finnish start-up has introduced 16 new devices and global partnerships with industry heavyweights such as Google and ZEISS, in addition to its long-term strategic relationship with Nokia and FIH.

At MWC 2018, HMD Global announced that it will be the lead global partner for Google’s flagship program for Android – Android One, committing a complete portfolio of Nokia smartphones to the Android One family.

Have your say  

More Technology Headlines

What others are reading
This is the world's busiest airport
Black Friday: Randy Abbey’s critical questions to gov’t on road accidents
The 5 deadliest habits to avoid as you get older
2019 AFCON qualifier: Ghana vs Kenya preview