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Nokia phones maker HMD secures $230m from strategic partners

Nokia phones maker HMD secures $230m from strategic partners

Mubasher: HMD Global, the home of Nokia phones, has raised $230 million funding from its global strategic partners, including Google, Qualcomm, and Nokia, according to a press release on Tuesday.

The funding will enable HMD Global to fulfil its global strategic vision in four main areas, including the development of 5G smartphones to be accessible to consumers all over the world, namely in the US through its partnerships with US carriers.

The company also seeks to expand its operations and businesses in key growth markets such as Brazil, Africa, and India.

Meanwhile, the cash will help the company to invest beyond hardware and into other mobile services.

The CEO of HMD Global, Florian Seiche, commented: "Security, reliability and dependability are the cornerstones of our offering and we will ensure we are using these funds to deliver the best experiences people have come to expect from a Nokia phone."

In 2016, Microsoft has signed an agreement to sell Nokia assets to a subsidiary of Taiwanese firm Foxconn Technology and HMD Global in exchange for $350 million, which led to the return of Nokia phones to the market.

Since the agreement, HMD has had the right to design and market Nokia phones.