Essential, Now Worth $1.2B, Still Hasn’t Shipped Their First Phone

X

A new filing by Foxconn’s FIH Mobile for a $3 million investment in the high-end smartphone startup has revealed Essential’s market value to be approximately $1.2 billion.

 

According to Bloomberg’s Tim Culpan, FIH Mobile’s investment constituted a 0.25% stake in the company’s fortunes.

A single 1% slice of Essential comes in at approximately $12 million and the whole pie represents a $1.2 billion enterprise. For a company that’s still yet to ship a single product to customers, it’s quite a feat.

It’s a surprising milestone for the company to pass, particularly given its recent troubles.

Essential recently missed their self-imposed launch date for their first product and lost a number of high-level executives.

Amid these setbacks, Essential also secured $300 million in funding from Amazon, Tencent and others.

The company’s President Niccolo De Masi says that the startup has global potential to be “a brand where there is an emotive connection for consumers,” and that international carrier relationships for the company’s Essential phone would be announced later this year.

728x90 TCL Mini LED FUll Array Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
728x90 Leaderboard UNIFI Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
LETWSBBK WBAN LB 728x90 1 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
TECHNICS AZ60 LEADERBOARD 728X90 V5 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
4SQM banner 728x90px 3sixt 3 in 1 Charger Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
SmartHouse DMS 106XT 728x60 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
Acer Predator 728x90 1 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
728x90 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
728 x 90 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone
211112 4Square Banner Narrow TWE3B 2 Essential, Now Worth $1.2B, Still Hasnt Shipped Their First Phone

YOU MAY ALSO LIKE