Carl Pei’s Nothing closes $96m in funding ahead of Phone (2) launch

Photo credit: Mr.Mikla / Shutterstock

Ahead of its Phone (2) launch next month, London-based Nothing has raised US$96 million in funding in its latest round. This pushes the company’s total funds raised to date to US$252.9 million, according to data from Crunchbase.

The fundraise was led by Highland Europe, with participation from existing investors Google Ventures, EQT Ventures, and C Capital, as well as music group Swedish House Mafia.

The startup’s first product – wireless earbuds Ear (1) – generated orders for 400,000 units when it launched in August 2021. This was followed by Nothing’s Phone (1) debut in July 2022 and Ear (2)’s rollout in March this year.

According to co-founder and CEO Carl Pei, Nothing has sold over 1.5 million devices worldwide to date. Pei started Nothing in 2020 after leaving smartphone producer OnePlus, which he co-founded.

Nothing previously raised US$70 million in its series B round in March 2022, a couple of months before the launch of its first smartphone.

The company has also held two community financing rounds and onboarded more than 8,000 private investors. “It’s clear that there’s real demand for an innovative challenger in the consumer tech industry,” said Pei.

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