HMD Global raised $100M to aggressively expand its portfolio of Nokia smartphones.

HMD Global, an Espoo, Finland-based company managing a business that owns the rights to use the Nokia brand on mobile phones, announced securing $100M in capital investment. The money comes from investors 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.

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.

HMD Global, founded in 2016 and led by CEO Florian Seiche, has shipped more than 70 million Nokia branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries. The 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 ($2.13bn) along with an operational loss of EUR 65 million ($77M).

HMD is partly owned by its manufacturing partner FIH Mobile, which is owned by Foxconn, world’s leading manufacturing company. FIH Mobile became an investor in HMD Global, the maker of Nokia phones, via its wholly owned company Wonderful Stars. FIH technically doesn’t own 7% of HMD, worth around 70 million dollars, the sum they invested, but they purchased Convertible Preferred Shares that can later be exchanged for stock of the company if HMD, for example, does an IPO.