Ahead of Nothing Phone (2) launch, Carl Pei's firm secures $96 million funding

Days ahead of the launch of Nothing Phone (2), the London-based consumer tech firm has raised $96 million in its latest fundraising round led by growth-stage tech fund Highland Europe along with participation from existing investors Google Ventures (GV), EQT Ventures and C Capital, and house music supergroup Swedish House Mafia, according to reports. With the latest round, Nothing's total financing has risen to $250 million, including $11.5 million in community funding from over 8,000 private investors. Highland Europe partner Tony Zappalà will join the company board as part of the deal.

Chinese-Swedish entreprenuer and OnePlus co-founder Carl Pei started Nothing in 2020 and has counts Cred founder Kunal Shah, Bollywood filmmaker and producer Karna Johar, former Team India cricketer Yuvraj Singh, fashion designer Sabyasachi Mukherjee, digital content creator Ranveer Allahbadia and Singer Jasleen Royal among its prominent Indian backers.  Nothing plans to use the funds raised to scale up its product and technology portfolio.

We’re excited to share that we’ve recently closed a $96M financing round, led by Highland Europe, with participation from @GVteam, @EQTVentures, C Capital and @swedishousemfia alongside others.

As we’ve just crossed 1.5M products sold, this marks a new milestone on our journey… pic.twitter.com/ObmJwUIHuh

— Nothing (@nothing) June 28, 2023

Nothing Phone (2) Launch

Nothing Phone (2) is expected to be launched on July 11 and will be reportedly powered by the Snapdragon 8+ Gen 1 chipset. The Nothing OS 2.0 is likely to feature a completely redesigned user interface and the phone will be manufactured in India for Indian consumers.

ALSO READ | Nothing Phone 2: Here's what Carl Pei reveals ahead of global launch

"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," said Nothing CEO Carl Pei in a company statement.

Nothing Phone (1) 

Nothing launched its first smartphone in July last year. The Nothing Phone (1) was launched under the affordable 'premium' category of devices. The smartphone is available in three variants i.e. 8GB and 128GB, 8GB and 256 GB and 12GB and 256GB.