Carl Pei’s Nothing raises €88M from Swedish House Mafia, others

London-based Nothing, a technology company founded by ex-OnePlus co-founder Carl Pei, announced on Tuesday, June 13, that it raised $96M (approximately €88M) in a fresh round of funding. 

The round brings Nothing’s total raised capital to $250M (approximately €229.37M).

Nothing says the funds will help it to expand its product line and finance technical developments. 

The investment comes at a time when the business has successfully sold more than 1.5 million products to date.

Carl Pei says, “In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide. It’s clear that there’s a 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 realise our vision to make tech fun again.”

Investors supporting Nothing

The round was led by Highland Europe with participation from existing investors GV (Google Ventures), EQT Ventures and C Capital, and house music supergroup Swedish House Mafia.

London-based Highland Europe invested in the round based on Nothing’s success to date and future potential. Partner Tony Zappalà led the recent round and will be joining Nothing’s board.

Zappalà says, “We are thrilled to be partnering with Carl and his team, who share our vision of bridging technology with the younger generation. In an industry as challenging as this, it has been quite some time since a new company of this scale and ambition has reached this stage, given the difficulty and complexity of surviving in such a competitive environment.”

“We firmly believe that Nothing has something truly distinctive to offer, coupled with an exceptional team. We are enthusiastic about supporting Nothing as they take on the consumer tech giants and challenge the prevailing norms,” he adds.

“Building a world where tech is fun again”

Founded in 2020 by Carl Pei, Nothing is a consumer tech company that aims to build a world without barriers between people and technology. The company made its debut in the tech world with its first True Wireless Stereo (TWS) ear (1).

The company is developing an alternative ecosystem of tech products for the young and creative through “cutting-edge” design and user interface innovation. 

Products from Nothing are created with sustainability in mind, working closely with a network of over 8,000 private investors.

Since its inception, the consumer electronics manufacturer has produced smartphones, earphones, and other tech products. Its first product, ear (1), was launched on July 27, 2021. The company also announced its first smartphone, the Phone (1), on March 23, 2022, and went on sale on July 21, 2022.

The company is preparing to launch Phone (2) on July 11. Due to the company’s continued sustainability initiatives, Phone (2) has a reduced carbon footprint than its predecessor.

Nothing aims to close the gap between the company and its customers by fostering product innovation via a deeper understanding of consumer insights gained through its community feedback initiatives. 

The company has held two community funding rounds and gathered more than 8,000 private investors to further assist this goal. To further ensure that user interests are always prioritised, the firm has appointed a member of the community as a Board Observer.

Currently, Nothing has over 450 people across seven offices worldwide.