Nothing secures $96M funding before Phone (2) release

Consumer technology brand Nothing, based in London, has announced that it raised $96 million in its recent fundraising round ahead of the upcoming launch of its second smartphone, Phone(2), next month. Highland Europe, a growth-stage technology fund, led the funding round, with participation from existing investors such as GV (Google Ventures), EQT Ventures, C Capital, and Swedish House Mafia.

With this round, Nothing's total financing reaches $250 million, including $11.5 million from over 8,000 private investors in community funding. Among its Indian backers are notable figures such as Cred founder Kunal Shah, filmmaker and producer Karan Johar, former cricketer Yuvraj Singh, fashion designer Sabyasachi Mukherjee, digital content creator Ranveer Allahbadia, and singer Jasleen Royal, among others.

Founded by Carl Pei in 2020, Nothing aims to develop cutting-edge consumer technology products with a focus on innovative design. So far, the company has shipped two audio products, Ear (1) and Ear (stick), as well as its first smartphone, Phone (1), selling approximately 1.5 million devices to date.

India is considered one of Nothing's key markets, and its products are sold in the country through Flipkart, the e-commerce marketplace owned by Walmart. The company announced that pre-orders for the upcoming Phone (2) will start on June 29.

Carl Pei, CEO of Nothing, expressed enthusiasm about the demand for an innovative challenger in the consumer tech industry and stated that the new round of financing positions the company well to realize its vision of making technology fun again.

Nothing's progress in reaching this stage as a new company in a highly competitive industry was acknowledged by Zappalà, highlighting the difficulty and complexity of surviving in such an environment.

Currently, Nothing has over 450 employees across seven global offices, including its presence in India.