HMD Global has raised $100 million in funding in its bid to re-establish the once-dominant Nokia brand. The latest round of investments, which was first reported by , puts the company’s valuation in excess of $1 billion, says HMD.
Confirming the development, HMD Global CEO Florian Seiche said that this would take Nokia’s journey forward. According to , Seiche was quoted saying, “We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones.” This will help the Finnish brand to make an aggressive push in the global smartphone market with new Nokia devices, while also making an impact with revamped feature phones.
HMD gave a glimpse of its global strategy at the recent launch of Nokia X6. The phone comes with a notch over the display and is equipped with Android 8.1 Oreo. On the other hand, the five phones it launched at MWC 2018 also includes the revamped Nokia 8110, popularly known as the ‘banana phone’, given its unique shape. Most of those launches, including the Nokia 6 and Nokia 7 Plus, follow Google’s Android One programme. Nokia 1 was among the first smartphones to be based on Android Oreo’s Go Edition OS.
The investment comes on the back of reports that have shown a stagnation in demand for smartphones across the globe. Also, Nokia’s target audience in Europe and Asia have moved away to other brands for basic smartphone features. Nokia was the world’s largest phone manufacturer until its business was sold to Microsoft in 2013. After selling phones with the now-defunct Windows OS for mobile, Microsoft stopped sales under the Nokia brand. Late in 2016, the brand was made a part of HMD Global, which has been selling its phones ever since.