HMD Global raises $230 million from Google, Qualcomm investment

Google, Qualcomm, and Nokia were among companies that invested $230 million into HMD Global as part of a Series A2 funding round, the company announced today. It will use this investment to fund the development of further 5G devices as the new standard becomes commonplace. The company also confirmed to VenureBeat that it was now valued at over $1 billion.

HMD Global has been making Nokia phones on Google's Android One platform since 2017, The lineup has included including loved models like the Nokia 7 Plus, unique ones like penta-lens Nokia 9 Pureview, and yet-to-be-released ones like the Nokia 8.3 5G.

Speaking to Reuters, Chief Executive Florian Seiche differentiated its Android One offerings from Google's Pixel products, saying: "Google is delivering a similar experience on its own Pixel range, and we are a perfect complement to their own initiatives. They're focused on fewer selected geographies and channels; we are much broader and also present in emerging markets."

2020 hasn't been kind to either Google or HMD Global, the latter has seen sales decline in Q1 2020 as a result of the economic effects of the COVID-19 pandemic.

With the Nokia 8.3 set to debut in just a couple of weeks, HMD Global thinks sales will rebound, noting that demand had already resurged in June. "We believe the second half of this year will see a broader set of 5G phones in the market, and we believe the true mid-tier range will probably be in the first half of next year," Seiche told Reuters.