Finnish startup HMD Global revived the Nokia brand by marrying the entire smartphone range to the Android One program. With their new identity, Nokia phones have grown popular, particularly in emerging markets where they can piggyback on the legendary brand image. In a bid to keep up with that growth trajectory, HMD Global recently announced that it has raised a total of $230 million from an investor group, including the likes of Google, Qualcomm, and Nokia Technologies.
This fund infusion is HMD’s largest since it was founded, and as VentureBeat points out, the company could secure more money before this round closes. With the latest investment, HMD plans to do more than just making phone hardware, citing its international roaming service HMD Connect, along with its recent investments in R&D and cybersecurity. In addition to those, we could also see more affordable phones equipped with 5G down the line — an increasingly important selling point for modern smartphones. Nokia will bolster its partnerships with US carriers, while also expanding its presence in other key markets.
HMD has already launched its first 5G-capable handset, the Nokia 8.3, which will land in the US pretty soon. With its above-average software support, Nokia has become the go-to brand for anyone looking for a budget phone with a near-stock interface, especially in markets where Google Pixels have limited reach. This fresh investment should further strengthen Nokia’s presence in the 90+ markets in which it currently operates.