Jolla sells 6,25 % stake to Chinese investor at € 16 million valuation

Jolla sold a 6,25 percent stake to a Chinese investment firm called Express Fortune (a subsidiary of China Fortune) in a convertible bond agreement. The deal values Jolla at approximately € 16 million.

Last year, the company told the Finnish newspaper that it had raised approximately € 10 million. According to the documents that China Fortune released to announce the agreement, Jolla made a net loss before tax of 1,1 million for the year that ended in december 2012.

Jolla was founded by a team that previously worked on Linux-based OS MeeGo at Nokia. Jolla wants to keep working on MeeGo’s successor Mer to develop their proprietary OS called Sailfish. Jolla also announced that it wants to launch its own smartphone before the summer of 2013.

Here’s a video of the OS:

[ArcticStartup, Kauppelehti, China Fortune][photo: Tanty, Flickr]

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Raf Weverbergh

Editor of whiteboard. Raf Weverbergh was a magazine journalist whose work appeared in magazines like Rolling Stone, Playboy, Mail on Sunday, Publico and South China Morning Post. He is the co-founder of FINN, a corporate communications agency where he advises startups and multinationals on their PR and Mustr, the easiest media database for PR professionals. You can contact him on Twitter, Linkedin or Skype (rafweverbergh).

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