HMD Global this week confirmed it is receiving some US$230 million of fresh funding -- from Google, Qualcomm and Nokia.

That is quite a "lockdown bonus".

All three investors appear keen to shore up Europe's last remaining major phonemaker. Google wants to capture more Android eyeballs for adverts. Qualcomm is hedging against any future China chipset problems. Nokia is helping out a partner who licenses the famous brand and stamps it on mobile handsets.

We think HMD will use the new cash to reconfirm its financial health with carriers, expand sales online in the stay-at-home virus era, develop cheaper midrange 5G smartphones, grow the US business, and push deeper into emerging markets where Nokia featurephones still have presence, like Africa, India, or Brazil.

No doubt, this cash injection is timely for HMD. Its recent performance in H1 2020 has been terrible. HMD Nokia's global smartphone marketshare has HALVED in the past year. HMD is being crushed in Europe and India by nimbler Chinese rivals such as Xiaomi and Vivo. The extra funds will come in handy.