HMD Global, The Company Behind Nokia Phones, Raises $230 Million

By Annie Baker ● Aug 14, 2020
  • Nokia phone maker HMD Global announced it has raised $230 million from several strategic partners as part of its first closing of a current funding round

Nokia phone maker HMD Global announced it has raised $230 million from several strategic partners as part of its first closing of a current funding round from some of its top global strategic partners. Investors in this round include Google, Qualcomm, and Nokia.

HMD Global has been successful in clearly differentiating its Android smartphone offering. The new Nokia smartphones come with premium ZEISS imaging experiences and market-leading reliability as well as security features like a three-year monthly security update promise and two-year Android software upgrade commitment with the Android One promise. HMD Global has also been increasingly popular with both enterprises and consumers who are looking for a more up-to-date smartphone experience.

This investment will further fuel HMD Global’s strategic vision in four key areas: 1.) it will help accelerate the company’s mission to make 5G smartphones accessible to consumers across the world with an emphasis on strong partnerships with US carriers 2.) HMD Global will further transition to digital-first offerings as part of a new post-COVID reality 3.) It will also expand its presence in key growth markets including the recently introduced operations in Brazil as well as Africa and India 4.) the investment will help the business strengthen its leading position beyond just hardware and into a holistic mobile service provider.

This year, HMD Global launched its international data roaming service HMD Connect enhanced its mobile cybersecurity capabilities with the acquisition of assets of Valona Labs. And the company built dedicated resources on software, security, and services with a new research and development Centre of Excellence in Tampere, Finland.

Since the company started its operations in 2016, HMD Global is now active in 91 markets across 8 regions, and 250,000 retail outlets and has sold over 240 million phones to date.


“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.”

— Jean-Francois Baril, Executive Chairman and Co-Founder of HMD Global

“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.”

— Florian Seiche, CEO of HMD Global