Nokia phone maker HMD Global bags $230m in Google-led funding round
Nokia smartphone maker HMD Global today said it has secured an additional $230m (£176m) in investment following a funding round led by Google.
Chip giant Qualcomm and Nokia also contributed to the round, which is the largest since the company was founded in 2016.
The Finnish manufacturing firm said the investment would be used to accelerate the development of 5G, as well as to expand its presence in key growth markets.
“Since the very beginning, HMD Global has worked to build strong bonds with our strategic partners,” said HMD Global chief executive Florian Seiche.
“This additional investment further validates our long-term business strategy and is evidence of our collective mission to make modern mobile technology accessible to everyone.”
Since 2016 HMD Global has held the exclusive licence to manufacture Nokia-branded mobile phones and has sold 240m handsets to date. Its products run on Google’s Android One software.
HMD’s first 5G device goes on sale next month and boss Seiche said the investment would help the company to develop next-generation devices at lower prices.
“We believe the second half of this year will see a broader set of 5G phones in the market, and we believe the true mid-tier range will probably be in the first half of next year,” he told Reuters.
The chief executive added that while Covid-19 had impacted sales, demand had bounced back in May and June and the company had returned to profitability.