HMD Global raises $230m investment from partners

DUBAI: HMD Global, the home of Nokia phones, announced that it has successfully closed $230 million in the first closing of its current funding round from some of its top global strategic partners.

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. 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 sotware, security and services with a new research and development Centre of Excellence in Tampere, Finland.

Jean-francois Baril, Executive Chairman and Co-founder, HMD Global, says: “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.