Nothing looks to raise $100 million, expand beyond smartphones & wearables as sales cross $1bn

Nothing, the London-based smartphone brand, is aiming to raise at least $100 million to fuel its growth and expand its product range. The company, which launched in 2021, has quickly captured attention with its unique, transparent smartphone designs and innovative audio products.  

Backed by Google’s venture arm and Tony Fadell, the man behind the iPod, Nothing recently kicked off a Series C funding round to support its ambitious plans.

Impressive growth and ambitious plans

Nothing has already made a mark with its smartphones, which are priced between $250 and $700, and its growing range of earbuds and a smartwatch. Led by Carl Pei, co-founder of OnePlus, the startup has faced stiff competition but has managed to carve out its own niche.  

In 2024, Nothing doubled its annual revenue to over $500 million and hit a major milestone by surpassing $1 billion in lifetime sales. The company has also sold over 7 million units across all its product categories, and its margins have shown improvement compared to last year.

International reach and future goals

While you can buy Nothing products in the US, the company is doing most of its business overseas. Its biggest market is India, followed by Germany and the UK. For its audio products, the US is the leading market, with strong sales also in the UK, Germany, and Japan.

This year, Nothing is focusing on expanding its presence outside the US, but they plan to make a bigger push into the American market by 2026.

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Moving beyond smartphones

Looking beyond smartphones and wearables, Nothing is exploring new product categories to broaden its lineup. With around 600 employees, the company manufactures devices in China and India, and it’s working on enhancing the software experience by adding more artificial intelligence features. These updates are set to launch in the first half of the year, providing even more functionality for their growing range of products.

As Nothing continues to grow and innovate, this new round of funding will help the company expand its reach and strengthen its position in a fiercely competitive market. With a clear vision for the future, the brand looks set to make some bold moves in the coming years.