Nothing Raises $96 Million Funding Ahead of Phone (2) Launch

Freshly minted consumer technology brand based out of London, Nothing, announced it has closed a $96 million fundraising round led by Highland Europe, along with participation from existing investors including GV (Google Ventures), EQT Ventures, C Capital and popular house music supergroup Swedish House Mafia.

The fundraising round comes just as the brand is gearing up to launch the Nothing Phone (2) early next month. With the round, the total fund raised by Nothing so far has reached $250 million. The company said it has managed to sell 1.5 million products within just two years of its launch.

"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 Nothing Co-Founder and CEO Carl Pei. He said that the brand's success shows there is real demand for a challenger brand packed with innovation in the consumer tech industry. The new round of financing puts Nothing in a better position to "make tech fun again," Pai said.

The company is set to launch its first flagship smartphone, the Nothing Phone (2) in India on July 11. Nothing said it has 450 people working across seven offices across the world. The smartphone also features a lower carbon footprint as compared to its predecessor resulting from the brand's ongoing sustainability commitments.

The lead investor in this round, Highland Europe, has a history of investing in technology companies with high potential. The investment firm said it financed the round based on the brand's success to date and future potential. Highland Europe's Tony Zappala led the round and will be part of the board of directors at Nothing.

Nothing was founded by former OnePlus co-founder Carl Pei, along with a bunch of executives from the smartphone industry. The company has grown a penchant for launching products with eye-catching design and innovative software.