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HMD gets $100m funding to pump into the Nokia brand renaissance

EXPECT TO see even more new hardware with the Nokia moniker, after HMD Global, the company that licences the brand, received an extra $100m in financing.

The multi-investor funding values the Finnish company at over a billion dollars, turning it into a so-called ‘Unicorn’ – presumably a reference to the fact that its constantly horny and doesn’t really exist (alright, alright, it means a privately held start up with a $1bn valuation). The bulk of the money is coming from venture capitalist Ginko Ventures.

The company, which set up specifically to revive the Nokia brand in the mobile marketplace has released a huge number of new handsets with Android on-board, bringing to an end the brand association with Windows Mobile (smirk) has also been licensed to produce a number of iconic handsets with up-to-date tech, including the 3310 and more recently the “Matrix Banana Phone” 8110.

Anyway, despite this retro love, HMD says that two thirds of its customers are under the age of 35 and they say that their customer recommendation level is very high.

More modern devices have received largely positive reviews and seen Nokia gain market share from other Android OEMs. 16 devices were announced at this years’ MWC alone including some with high end Zeiss camera lenses and its first Android One handset, in partnership with Google.

Florian Seiche, CEO of HMD Global, said, “We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for.”

To which we say – updated N-Gage or GTFO.

OK, perhaps not. µ  

Source : Inquirer

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