HMD Global Raises $230 Million for 5G, Overseas Push

HMD Global, a Finnish smartphone manufacturer and Nokia Oyj licensee, closed a $230 million fundraising round that will help the company expand into growing markets such as India and Brazil.

The company also plans to use the proceeds to partner with chipmaker Qualcomm Inc. to expand new fifth-generation wireless services to its handsets beginning in the first half of 2021, said Chief Executive Officer Florian Seiche.

“This is another key area for us where we want to make sure that 5G is going to be available as fast as possible in the mid-tier price point,” Seiche said.

HMD Global, previously valued at more than $1 billion, said it became profitable in the fourth quarter of last year. Alphabet Inc.’s Google, Qualcomm and Nokia Technologies were investors in the fundraising round, the company said.

The Espoo, Finland-based company began operations in 2016 and now sells its Nokia brand smartphones in 91 markets across eight global regions.

©2020 Bloomberg L.P.

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