Nothing’s funding round was led by European venture capital firm Highland Europe.
London-based consumer electronics maker Nothing has raised $96 million in a fresh funding round. According to reports, the startup headed by former OnePlus Co-Founder Carl Pei plans to use the funds for expansion into the U.S. markets along with the launch of its second smartphone.
The funding round was led by European venture capital firm Highland Europe. The company’s existing investors GV, EQT Ventures, and C Capital, as well as the house music supergroup Swedish House Mafia also participated. A partner at Highland Europe Tony Zappala also led the round and will join the consumer tech company’s board.
Nothing has launched over 1.5 million products so far, the company said; adding that the fresh capital will be deployed to scale Nothing’s operations, produce more products, and ramp up sales. The company has so far launched four products including three earbuds, namely Ear 1, Ear 2, and Ear Stick, and its first smartphone Nothing Phone (1). The company is all set to unveil its second smartphone on July 11 at 16:00 BST (or 8:30 pm IST).
Nothing’s latest funding comes at a time when startups are witnessing a funding winter. A setback in consumer spending due to high inflation and interest rates along with the threat of a looming recession this year has pushed corporates to keep a lid on their spending. In the Indian context, startups in the country experienced a significant 75% decline in funding during the first quarter of 2023, raising only $2.8 billion compared to $11.9 billion in Q1 2022, according to a report by global market intelligence platform Tracxn in April.
