Nokia Brand Gets $100m Boost

Nokia Brand Gets $100m Boost
HMD plans to expand its Nokia smartphone sales into more markets around the world.

(CCM) — HMD Global, the company that sells Nokia phones, has raised $100m in preparation for a major assault on the smartphone market.

Last year the company sold about 70 million Nokia phones, and using this warchest the company plans to expand its range of phones and sell into more markets around the world, according to a Reuters report.

“Our aim is to be one of the leading players in the global smartphone market, and our initial success strengthens our confidence that we can continue on our growth path in 2018 and beyond,” Florian Seiche, HMD Global's chief executive, said in a statement.

The company has a long way to go before it threatens the hegemony of Apple and Samsung in the smartphone market: last year the company was the best-selling low-cost feature phone vendor, but ranked just eleventh in the smartphone market.

Nokia was once the world's leading phone maker, but the company began to haemorrhage market share after the launch of Apple's iPhone. It eventually sold its phone business to Microsoft, which wanted a hardware platform for its Windows Phone mobile operating system, in 2014.

HMD Global bought the low-cost feature phone business from Microsoft in 2016 and also licenced the brand for smartphones. These are built for HMD by a company owned by Foxconn, the firm that manufactures iPhones for Apple, and use the open source Android mobile operating system.

Image: © HMD Global.