HMD raises funding from new investors to accelerate growth; posted €1.8 billion revenue in 2017 *UPDATED*

The maker of Nokia phones, HMD Global, gained two new investors that together invested 100 million dollars or 85 million euros in the company to step up the growth of the Finnish startup. The new investors are DMJ Asia Investment Opportunity and well-known Foxconn’s subsidiary FIH Mobile.  HMD Global is a privately owned company (Smart Connect LP is the owner), and fundraisers are a usual thing in the business.

Reuters also reports that HMD generated about 1.8 billion euros in revenue during 2017, when the company sold 70 million Nokia phones. When/if we find more about this investment (and HMD’s financial performance), we will update the article.

Source: Reuters

Update: From the press release posted by HMD in Finland, the company had a operating loss of 65 million euros on 1.8 billion euros of revenue during 2017. Other interesting stats include that 2/3 of Nokia customers are younger than 35, and that the official site for Nokia phones was visited by 150 million visitors since January 2017. HMD’s market value per this investment is 1 billion euros.


Update 2: Official press release by HMD in English follows down below. You can find it here at

HMD Global raises USD 100 million
to fuel its next phase of growth

HMD Global today announced that it has raised additional USD 100 million from multiple investors to scale business operations and fund the company’s growth in its second year.

Espoo, Monday, May 21 2018 – Finland based start-up, HMD Global – the home of Nokia phones, today announced that it has raised additional USD 100 million from multiple investors to scale business operations and fund the company’s growth in its second year. This round of investment has been led by Geneva based, Ginko Ventures via Alpha Ginko Ltd. with participation from DMJ Asia Investment Opportunity Limited and Wonderful Stars Pte. Ltd., a subsidiary of FIH Mobile Ltd.

With the latest round of funding, HMD Global’s current market valuation exceeds USD 1 billion, giving it a unicorn status. HMD Global will be making strategic investments in scaling its fast-growing business operations. 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 EUR 1.8 billion (USD 2.13 billion) along with an operational loss of EUR 65 million (USD 77 million).

Demonstrating incredible passion, engagement, and enthusiasm for the new portfolio, the response from fans around the world to the new Nokia range of Android smartphones has been humbling. HMD is set out to capture the hearts and minds of the next generation of consumers. Two-thirds of consumers buying a Nokia phone today are below the age of 35 years. Four out of every five consumers are recommending a Nokia smartphone to their friends and family. Over 150,000,000 visits have been welcomed to the website since Jan 2017.

Jean-Francois Baril, Ginko Ventures Managing Director and Founder, HMD Board member, “We are proud to contribute to the next phase of Nokia phones and the successful raising of this investment round. Personally, as someone who has long been associated with the Nokia brand, this journey is very exciting. From its roots in Finland, HMD Global has chosen an agile strategy that leverages global relationships and collaborations to achieve its phenomenal growth.”

Since MWC 2017, the Finnish start-up has introduced 16 new devices and global partnerships with industry heavy weights such as Google and ZEISS, in addition to its long term strategic relationship with Nokia and FIH. At MWC 2018, HMD Global announced that it will be the lead global partner for Google’s flagship program for Android – Android One, committing a complete portfolio of Nokia smartphones to the Android One family.

About HMD Global

Headquartered in Espoo, Finland, HMD Global Oy is the home of Nokia phones. HMD is the manufacturer of Nokia branded smartphones and feature phones targeted at a range of consumers and price points. With a commitment to innovation and quality, HMD is the proud exclusive licensee of the Nokia brand for phones and tablets. For further information, see

About Ginko Ventures

Founded in 2015, Ginko Ventures is a venture capital Firm targeting technologies, devices and solutions that will improve the way people work, play and live. We primarily focus on investments in European companies whose technologies have the potential to rapidly access global markets. Our mission is to enable sustainable partnership between industry leaders and amazing entrepreneurs for disruptive innovations and superior value creation. For further information, see