Consumer electronics start-up Nothing raises $200 million to launch first smartphone
A rising start-up by the name of Nothing has raised an impressive €190 million ($200 million) to launch its first smartphone.
Nothing is a London-based consumer electronics start-up founded by Carl Pei in January 2021. Pei has said the aim of the company is to create a seamless digital future. The first Nothing product was the “ear (1)”, a pair of wireless earbuds that was launched in July 2021. Now, the company seeks to launch its first smartphone, the Phone (1) this summer, made possible with large new investments.
The start-up has been backed by a variety of notable investors, including iPod inventor Tony Fadell, Twitch co-founder Kevin Lin and Reddit CEO Steve Huffman. Other investors include EQT Ventures, the venture capital arm of Alphabet.
The company has raised around €137 million ($144 million) in equity funding, with approximately €62 million in credit from sales partners.
The Phone (1) will be distributed in collaboration with companies such as O2, Deutsche Telekom and Flipkart. If sales are strong, the phone may see a release in the United States.
Nothing reportedly has 330 members of staff, with a supply chain located in Shenzhen, China. Design and marketing is handled in Europe, as well as in India, Taiwan and California, USA.