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HMD Global Secures $230 Mln In New Funding From Investors

HMD Global, the exclusive licensee of the Nokia brand for mobile devices, said it has secured $230 million in fresh funding from some of its top global strategic partners. According to reports, the investors include Google, Qualcomm and Nokia.

Espoo, Finland-based HMD Global said it closed $230 million in its first closing of the current funding round. The company noted that the funding is the third largest growth financing raised in Europe in 2020.

In May 2018, HMD Global said it raised an additional $100 million from multiple investors to scale business operations. At that time, the company said its market valuation exceeded $1 billion, giving it a unicorn status.

HMD Global said the latest investment will further fuel its strategic vision in four key areas. The company will use the investment to make 5G smartphones accessible to consumers across the world, with an emphasis on strong partnerships with U.S. carriers.

Secondly, HMD Global will further transition to digital-first offerings as part of a post-COVID 19 scenario. The company will also expand its presence in key growth markets such as Brazil, Africa and India.

In addition, the company will use the investment to move beyond just hardware and convert itself into a holistic mobile service provider.

"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," said Jean-Francois Baril, Executive Chairman and Co-Founder of HMD Global.

In 2020, HMD Global launched its international data roaming service, HMD Connect, and bolstered its mobile cybersecurity capabilities by acquiring the assets of Valona Labs. In addition, the company has established a new research and development Centre of Excellence in Tampere, Finland.

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

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