Nothing, the London-based consumer technology brand, has announced a $96 million fundraising round led by Highland Europe. The round also saw participation from existing investors GV (Google Ventures), EQT Ventures, and C Capital, along with house music supergroup Swedish House Mafia. This round brings Nothing’s total funding to $250 million, as the company crosses the milestone of selling 1.5 million products.
Founded by Carl Pei, the co-founder of OnePlus, Nothing aims to create unique designs and user experiences in the gadget world. The company’s first phone, Phone (1), featured a transparent casing to showcase its tech guts, used more sustainable materials, and featured LED lights on the back that lit up when receiving a call or playing music. The phone won design awards and gained a cult following for its unique design and user experience.
Nothing is now gearing up to launch its second smartphone, Phone (2), on July 11. The new phone aims to simplify users’ digital lives by stripping apps of their addictive elements. Its operating system, Nothing OS, offers a minimal and monochrome user experience, stripping apps of their candy-color branding, relentless alerts, and brand name labels. The phone also features 900 LED lights arranged in geometric patterns that display key information when the device is face-down.
The company has over 450 people working across seven offices worldwide and has sold over 1.5 million devices. With the latest round of funding, Nothing plans to develop new phones and earbuds to expand its product lineup. The company’s vision is to make tech fun again and to challenge the prevailing norms in the consumer tech industry.
Highland Europe, a London-based venture capital firm focusing on high-potential technology companies, led the recent round based on Nothing’s success to date and future potential. Tony Zappalà, Partner at Highland Europe, led the recent round and will be joining Nothing’s board. He expressed his enthusiasm about supporting Nothing as they take on the consumer tech giants and challenge the prevailing norms.
Despite being a niche player, Nothing has managed to carve out a space for itself in the highly competitive gadget landscape. The company’s rapid growth and established market presence have attracted top factories to manufacture their new line of design-centric products. With the latest round of funding, Nothing is well-positioned to expand its product and technology portfolio and continue challenging the consumer tech giants.
