London-based consumer technology brand Nothing has on June 28 announced that it has raised $96 million in its latest fundraising round ahead of the launch of its second smartphone Phone(2) next month.
The funding round was led by growth-stage technology fund Highland Europe with participation from existing investors GV (Google Ventures), EQT Ventures and C Capital, and house music supergroup Swedish House Mafia.
The round brings the company's total financing to $250 million, including $11.5 million in community funding from over 8,000 private investors.
Among its Indian backers include Cred founder Kunal Shah, prominent filmmaker and producer Karan Johar, former cricketer Yuvraj Singh, fashion designer Sabyasachi Mukherjee, digital content creator Ranveer Allahbadia, and singer Jasleen Royal among others.
Started in 2020 by Carl Pei, Nothing aims to develop a series of smart, connected consumer technology products with a focus on cutting-edge design.
The startup plans to use the funds raised to scale up its product and technology portfolio.
Nothing has shipped two audio products - Ear (1) and Ear (stick) - and a smartphone Phone (1) to date. It claims to have sold 1.5 million devices to date.
Nothing counts India among its key markets and sells its products in the country through Walmart-owned e-commerce marketplace Flipkart. Earlier today, the company said it will start pre-orders for the upcoming Phone (2) from June 29.
Watch | Nothing Founder Carl Pei On Starting Up, Making In India And Killer AI Apps | Exclusive Interview
Phone (2) is expected to launch on July 11 and will be powered by the Snapdragon 8+ Gen 1 chipset. It will come with Nothing OS 2.0 that will feature a completely redesigned user interface, the company said in a statement. Phone (2) will be manufactured in India for Indian consumers.
"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 realize our vision to make tech fun again," said Nothing CEO Carl Pei.
Highland Europe partner Tony Zappalà will join the company board as part of the deal.
"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," Zappalà said in a statement.
Nothing currently has over 450 employees across seven offices worldwide, including India.
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