HMD Global – the home of Nokia phones, today 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 current round of funding, the market valuation exceeds $1 billions, and HMD Global have said to make strategic investments in scaling its fast-growing business operations. In 2018, the company plans to expand its portfolio of Nokia smartphones aggressively, and double down on expanding channel reach in strategic markets.
In its first year, HMD Global has shipped more than 70 million Nokia branded phones in over 80 countries with phone activations coming from 170 countries. The Nokia phones are now being sold at over 250,000 retail outlets across the world, and more than 600 direct trade partners are committed to joining soon. In the financial year 2017, HMD Global posted a total revenue of EUR 1.8 billion (USD 2.13 billion) along with an operational loss of EUR 65 million (USD 77 million).
Florian Seiche, CEO, 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.