Nothing cofounder Carl Pei
(Picture: Nothing)London-based gadget company Nothing, backed by the co-inventor of the iPod Tony Fadell, has raised a further £70 million (£53 million) in a Series B funding round led by EQT Ventures and C Ventures.
The new investment brings the total raised by Nothing to $144 million, including $1.5 million from its first community investment round. The new funds will be used to develop Nothing’s product range and expand the London Design Hub at the company, helmed by ex-Dyson head of design Adam Bates.
“With this round of financing, we have the fuel to realise the next phase of our vision of a seamless digital future,” said founder Carl Pei.
“I’m grateful for the support from our community and investors. Our first year was a warmup, and we can’t wait to reveal what we’re building at Nothing.”
Nothing already has a series of high-profile tech backers including Steve Huffman, the chief executive and co-founder of Redditt, Kevin Lin, the co-founder of Twitch, and YouTube star Casey Neistat. The company also has backing from GV, formerly known as Google Ventures.
The company, headed by One Plus co-founder Pei, is currently known for its in-ear wireless headphones. Its first product range was a line of carbon-neutral wireless earbuds released in August 2021 that sold more than 400,000 units.
Sources close to the tech firm have indicated that Nothing is set to expand its product range with the launch of a smartphone at an event later this month.
“We are proud to back a young entrepreneur like Carl, who shares our vision of engaging next generation customers with an artistic approach,” said Adrian Cheng, C Ventures founder and chief executive of New World Development.
“We are excited to support Nothing’s mission to break the hegemony of consumer tech giants and embark on an ambitious journey to challenge the status quo.”
