HMD Global secured $230 million investment from Google, Nokia, Qualcomm et all.

HMD Global, an Espoo, Finland-based company managing a business that owns the rights to use the Nokia brand on mobile phones, announced the completion of an investment round of $230 million.

The backers include the US-based strategic investors Google and Qualcomm, as well as Nokia.

The money will be used to fuel HMD Global’s ambitions to grow by making 5G smartphones accessible to consumers and expand its presence in key growth markets including the recently introduced operations in Brazil, as well as Africa and India.

HMD Global, founded in 2016 and led by CEO Florian Seiche, designs and markets a range of smartphones and feature phones targeted at a range of consumers and price points. The company has an exclusive license for the Nokia brand for phones and tablets and is now active in 91 markets across 8 regions and 250,000 retail outlets and has sold over 240 million phones to date.

Prior to this round, in 2018, the company raised $100M used for aggresive expansion.