Consumer technology brand Nothing announces $96 million fundraising round led by Highland Europe
Nothing, a London-based consumer technology brand, has announced a $96 million fundraising round led by Highland Europe, with participation from existing investors GV (Google Ventures), EQT Ventures and C Capital, alongside supergroup Swedish House Mafia.
Founded in 2020, Nothing’s Phone (1) was showcased in Time Magazine's Best Inventions of 2022 list for its innovative smartphone design.
In 2023, the product received the Red Dot Design Award, along with the rest of Nothing's current product portfolio, including the wireless audio devices Ear (2) and Ear (Stick).
The company is gearing up to launch Phone (2) on 11th July. This features a lower carbon footprint than its predecessor.
Nothing says that it wants to “bridge the gap between the company and its users – driving product innovation by delving deeper into consumer insights through its community feedback programmes”.
To further support this goal, it has held two community financing rounds and attracted over 8,000 private investors. Additionally, it has appointed a community member as a Board Observer.
“In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide,” says Carl Pei, Nothing CEO and Co-founder.
“It’s clear that there’s real demand for an innovative challenger in the consumer tech industry, and with this new round of financing, we’ve never been better positioned to realise our vision to make tech fun again.”
Highland Europe Partner Tony Zappalà will be joining Nothing’s board.
"We are thrilled to be partnering with Carl and his team, who share our vision of bridging technology with the younger generation," he says.
"In an industry as challenging as this, it has been quite some time since a new company of this scale and ambition has reached this stage, given the difficulty and complexity of surviving in such a competitive environment.”
“We firmly believe that Nothing has something truly distinctive to offer, coupled with an exceptional team. We are enthusiastic about supporting them as they take on the consumer tech giants and challenge the prevailing norms."
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