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Nothing Founder Carl Pei
London-based smartphone maker Nothing has raised $96 million in a funding round led by Highland Europe, with participation from existing investors GV (Google Ventures), EQT Ventures and C Capital, alongside house music supergroup Swedish House Mafia.
In 2022, The company had launched Nothing Phone (1) which gained immense populority because of its design and was featued in Time Magazine's prestigious “Best Inventions of 2022” list for its innovative smartphone design.
The funding announcement comes ahead the launch of its Phone (2) on July 11th. Phone (2) features a lower carbon footprint than its predecessor as a result of the company’s ongoing sustainability initiatives.
“In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide,” said Carl Pei, Nothing CEO and Co-founder. “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.”
Highland Europe, a London-based venture capital firm focusing on high-potential technology companies, invested based on Nothing’s success to date and future potential. Partner Tony Zappalà led the recent round and will be joining Nothing’s board.
"We are thrilled to be partnering with Carl and his team, who share our vision of bridging technology with the younger generation," said Tony Zappalà, Partner at Highland Europe. "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."
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