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HMD Global raises $100 million to help Nokia expansion, now a 'unicorn' startup
- HMD Global just raised $100 million to help push the Nokia brand in 2018.
- With this new funding, the HMD Global “unicorn” status is solidified, since it now is worth over $1 billion.
- The company committed to “aggressively expanding” the Nokia brand, and reaffirmed its commitment to the Android One program.
Finnish startup HMD Global acquired the rights to sell Nokia-branded smartphones back in 2016 after Microsoft dumped the brand. Since then, the company has brought Nokia back from the dead, as it were, with a continuing series of well-reviewed and popular mobile phones.
Now, to help expand the Nokia brand even further, HMD Global just raised $100 million in funding from multiple investors, “to scale business operations and fund the company’s growth in its second year,” according to the press release on the matter.
With an extra $100 million in its accounts, HMD Global is now worth over $1 billion, which officially makes it a “unicorn” company. In the world of finance, a privately-held company that is worth over $1 billion is called a unicorn, due to the rarity of such a feat. Not only is it impressive for a company to earn a $1 billion valuation, but it’s especially impressive that HMD Global earned it in only a few years of operation.
With plenty of cash and the new clout that comes with its status in the business world, HMD Global plans to “aggressively expand” its Nokia smartphone brand. According to the press release, HMD Global shipped over 70 million Nokia phones in 2017, which sets the bar pretty high to beat in 2018.
HMD Global also re-committed to being the leading global partner for the Android One program – Google’s Android initiative to cut down on fragmentation in the budget and mid-tier smartphone market.
Recently, the company announced the release of the Nokia X6, an incredibly low-priced phone with some quality specs, such as dual cameras, a Snapdragon 636 processor, and a 19:9 display ratio. While the company intended only to release the phone in China, it is likely it will see release in other worldwide markets as well. At least, that’s what this Top Gun GIF leads us to believe.