HMD Global, the home of Nokia phones, has raised $230 million in a Series A2 round of funding from some of its existing strategic partners, including Google, Qualcomm, and Nokia consumer division Nokia Technologies, along with undisclosed investors.
The Finnish company stressed that this was the “first closing” of the round, suggesting more funding could be added at a later date.
A spokesperson also confirmed that HMD Global’s valuation has passed $1 billion. While Nokia no longer makes consumer devices, the brand is still synonymous with feature phones and smartphones, thanks to a licensing arrangement with HMD Global, a business vehicle founded in 2015 primarily to design and market Nokia-branded mobile phones, with Foxconn subsidiary FIH Mobile responsible for manufacturing.
The company has since brought several dozen Nokia phones to market, from low-end basic handsets to top-of-the-line flagships sporting multiple Zeiss cameras.
A few months back, HMD Global unveiled its first 5G device, though the Nokia 8.3 has yet to make it to market.
With another $230 million in the bank, HMD Global said it’s now able to “accelerate” its mission to make 5G smartphones accessible to more consumers globally. This will involve developing more alliances with U.S. carriers and building on existing partnerships with Verizon, Cricket Wireless, and AT&T that kicked off last year.
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