HMD Global raises $100 mn through Ginko, DMJ and Wonderful Stars

HMD Global has raised $100 million from multiple investors led by Geneva based, Ginko Ventures via Alpha Ginko with participation from DMJ Asia Investment Opportunity and Wonderful Stars, a subsidiary of FIH Mobile

The funds will be required by HMD Global to scale business operations and fund the company’s growth in its second year.

With the latest round of funding, HMD Global’s current market valuation exceeds $1 billion, giving it a unicorn status. In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets while continuing to deliver innovation where it matters most to consumers.

Florian Seiche, CEO, HMD Global said, “We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for. We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond.”

Set up on December 1, 2016, the company in its first year has shipped more than 70 million Nokia branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries. Today, Nokia phones are sold at over 250,000 retail outlets across the world and more than 600 direct trade partners are committed to this next chapter of Nokia phones globally.

In financial year 2017, HMD Global posted a total revenue of $2.13 billion along with an operational loss of $77 million.

Jean-Francois Baril, Ginko Ventures Managing Director and Founder, HMD Board member said, “We are proud to contribute to the next phase of Nokia phones and the successful raising of this investment round.”