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HMD Global closes funding round with $230 million

HMD Global logo on a dark blue background with logo colours

HMD Global, the company behind Nokia-branded phones, has announced the closure of its current round of funding that saw it raise $230 million from its top global strategic partners. The company said that it will now use the funds to help make 5G phones more affordable, transition to a digital-first "post-COVID reality", expand into growth markets, and become a holistic mobile service provider, not just one that focuses on hardware.

Commenting on the news, Florian Seiche, CEO, HMD Global, said:

“Since the very beginning, HMD Global has worked to build strong bonds with our strategic partners. 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. Security, reliability and dependability are the cornerstones of our offering and we will ensure we are using these funds to deliver the best experiences people have come to expect from a Nokia phone. As the only major European smartphone manufacturer, we remain true to our Finnish roots and the hallmarks that our customers trust Nokia phones to be synonymous with. With the support of our heavyweight partners, I am truly excited for the next chapter of Nokia phones.”

In terms of expanding into growth markets, HMD Global specifically mentioned Brazil, Africa, and India as areas that it was to grow in. It’s mention of becoming a “holistic mobile service provider” was a little vague, however, it could be a reference to its HMD Connect service which is in beta and offers a hassle-free data SIM for those on the move.

With the company offering a range of affordable devices, focusing on services could help the company keep its finances in a healthier state. If the firm manages to find a service that users come to rely on, it could also further develop a loyal following of people who would be more likely to buy its hardware in the future.

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