Nokia phone licensee HMD raises funding to step up growth

Technology

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HELSINKI (Reuters) – HMD Global, the Finnish company with a license to sell Nokia-branded phones, said on Monday that it had raised $100 million of funding that it aims to spend to boost growth.

FILE PHOTO: A cyclist rides past a Nokia logo during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo

HMD, which sold around 70 million Nokia phones and generated sales of 1.8 billion euros ($2.1 billion) in its first year 2017, said it was planning to expand its Nokia smartphone range strongly and to double sales channels in key markets during 2018.

New investors include DMJ Asia Investment Opportunity Ltd and Foxconn’s subsidiary FIH Mobile.

Reporting by Jussi Rosendahl, editing by Johannes Hellstrom

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