HMD Global secures $230 million investment from Google, Qualcomm and others

HDM Global, the makers of Nokia smartphones, has announced that they have secured $230 million (Rs. 1715 crore approx.) in a funding round from their global partners including Google, Qualcomm and Nokia Technologies. This marks one of the largest funding raised by HMD Global in Europe in 2020 and it will be used towards realising HMD Global’s vision in smartphone space.

HMD Global has highlighted four key areas toward which the funding will be invested into. These include:

  • Making their 5G smartphone more accessible to their global consumers.
  • Further transition into a digital-first offering.
  • Expand sales and operations in key growth markets such as Brazil, Africa and India.
  • Strengthen its position as a holistic mobile service provider with services like HMD Connect, which was announced back in March.

Commenting on the investment, Jean-Francois Baril, Executive Chairman and Co-Founder, HMD Global, said:

Our unique business model, based on asset-light global deployment and strong partnerships with the best in the industry, is entering a new level of maturity with the valued support of some of the most influential market-makers in mobile devices. I am extremely proud of our significant achievements to date and also thrilled about the immense opportunity before us to accelerate our journey towards excellence.