In a great news for Nokia fans, HMD has managed to secure $230 million funding from top global strategic partners that includes names like Google and Qualcomm. The trust shown by Google and Qualcomm is much significant, as HMD relies on both as key partners in Nokia Mobile strategy execution.
HMD will use this investment to fuel growth by targeting markets like US, India, Africa and Brazil. In the US it will try to snitch strong partnerships with key US carriers to push its 5G smartphones.
Here is the full press release,
ESPOO, FINLAND, 11 August 2020: HMD Global, the home of Nokia phones, today announces it has successfully closed 230 million USD in its first closing of current funding round from some of its top global strategic partners.
As well as establishing itself as a leading feature phone manufacturer by value², HMD Global has been successful in clearly differentiating its Android™ smartphone offering. Nokia smartphones come with premium Nordic design that is inspired by the company’s European heritage, superior product quality, premium ZEISS imaging experience, and market-leading reliability, as well as security features including a three-year monthly security update promise and two-year Android software upgrade commitment with the Android One promise. As the only key European smartphone player, HMD Global is increasingly popular with both enterprises and consumers who are looking for a pure, secure, and up-to-date smartphone experience.
The investment will further fuel HMD Global’s strategic vision in four key areas. Firstly, it will accelerate the company’s mission to make 5G smartphones accessible to consumers across the world, with an emphasis on strong partnerships with US carriers. Secondly, HMD Global will further transition to digital-first offerings as part of a new post-COVID reality. It will also expand its presence in key growth markets including the recently introduced operations in Brazil, as well as Africa and India, and finally – the investment will help the business strengthen its leading position beyond just hardware and into a holistic mobile service provider. This year alone, HMD Global launched its international data roaming service, HMD Connect, enhanced its mobile cybersecurity capabilities with the acquisition of assets of Valona Labs, and built dedicated resources on software, security and services with a new research and development Centre of Excellence in Tampere, Finland.