[Funding alert] Carl Pei-led Nothing raises $70M Series B round co-led by EQT Ventures, C Ventures

The UK consumer-tech company Nothing founded by OnePlus Co-founder Carl Pei has raised $70 million in a Series B funding round co-led by EQT Ventures and C Ventures, along with participation from GV, Tony Fadell’s Future Shape, Gaorong Capital, and Animoca Brands.

The fresh capital will go towards scaling Nothing's product ecosystem and establishing its London Design Hub. 

“With this round of financing, we have the fuel to realise the next phase of our vision of a seamless digital future. 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 during the upcoming event," said Carl Pei, Nothing CEO and Co-founder.

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The new investment brings the total funding raised by Nothing to date to $144 million, including $1.5 million from its first community investment round, which broke the record for the fastest $1 million raised. The funding will be used to create new product categories in partnership with Qualcomm Technologies and its Snapdragon platform, and grow operations at its new London Design Hub, led by ex-Dyson Head of Design Adam Bates.

“We’re delighted to be backing Nothing in this new funding round. For too long, the consumer tech industry has been dominated by the same players, offering customers uninspiring and staid products. Nothing represents a bright, new future – combining innovative design with carbon-neutrality and a forward-thinking approach to help us all re-imagine how we use and interact with our tech," said Ted Persson, Partner at EQT Ventures.

Nothing released its first product, ear (1) — carbon-neutral true wireless earbuds — in August 2021, shipping over 400,000 units. It is the first step in a promised series of seamlessly connected products, defined by iconic design.

“We are proud to back a young entrepreneur like Carl, who shares our vision of engaging next generation customers with an artistic approach,” added Adrian Cheng, C Ventures Founder and CEO 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.”