London-based consumer technology brand Nothing has successfully raised $96 million in a financing round led by Highland Europe.
London-based consumer technology brand Nothing has successfully raised $96 million in a financing round led by Highland Europe. The event concluded with participation from existing investors including GV (Google Ventures), EQT Ventures, C Capital, and Swedish House Mafia.
This recent funding round brings Nothing’s total funding to an impressive $250 million. The company has also achieved a significant milestone, having sold over 1.5 million products to date.
Nothing, with its team of over 450 individuals spread across seven offices worldwide, aims to reintroduce the fun factor into technology. Through cutting-edge design, and innovative user interfaces, the company is building an ecosystem of tech products specifically tailored for the younger demographic. Notably, these products are designed with sustainability at the forefront, contributing to a more environmentally friendly future.
Having firmly established itself as a viable alternative in less than three years, Nothing’s Phone (1) made waves in 2022 as one of the most highly anticipated tech launches. Recognized for its groundbreaking smartphone design, it earned a place on Time Magazine’s esteemed “Best Inventions of 2022” list.
In 2023, Phone (1) was awarded the prestigious Red Dot Design Award, along with other products in Nothing’s portfolio, such as the true wireless audio devices Ear (2) and Ear (Stick). Looking ahead, the company is preparing for the launch of Phone (2) on July 11th. This new iteration boasts a lower carbon footprint, a result of Nothing’s ongoing sustainability initiatives.
Product Innovation through Community Collaboration
Nothing places huge emphasis on connecting with its user base, actively seeking consumer insights through community feedback programs. To reinforce this commitment, the company has successfully conducted two community financing rounds, attracting over 8,000 private investors. Furthermore, in an effort to ensure user interests remain at the forefront, Nothing has appointed a community member as a Board Observer.
Carl Pei, CEO and Co-founder of Nothing, expressed confidence in the company’s trajectory, stating:
“In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide. 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.”
A Truly Distinctive Offering
Highland Europe, a prominent venture capital firm based in London, recognized Nothing’s accomplishments and potential. This future growth led to Highland Europe’s investment in the recent funding round.
Tony Zappalà, Partner at Highland Europe, will join Nothing’s board, sharing his excitement about partnering with Carl and his team. Zappalà remarked:
“We are thrilled to be partnering with Carl and his team, who share our vision of bridging technology with the younger generation. 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 Nothing as they take on the consumer tech giants and challenge the prevailing norms.“
