London-based consumer tech company Nothing has raised around £6 million ($8m) in its third community investment round, valuing the business at approximately $1.35 billion.
The funding follows a period of rapid growth for the smartphone and hardware maker, which launched its first device, the Nothing Phone (1), in 2022 and has since shipped millions of products globally across smartphones, audio and wearables.
The company says it surpassed $1bn in lifetime revenue in 2024, recording year-on-year growth of 150%, and closed a $200m Series C round last year at the same valuation.
The business has built an end-to-end global hardware operation, including supply chain, manufacturing partnerships and go-to-market infrastructure, enabling it to launch consumer devices at scale across multiple regions, including India, where it claims to be the fastest-growing smartphone brand for six consecutive quarters.
Nothing was founded with the ambition of building a new kind of consumer technology company, owning the smartphone as the “last-mile” distribution point for future innovation.
As AI becomes more embedded in everyday life, the company believes the smartphone operating system has failed to evolve and argues that the next generation of devices will be built around AI-native, personalised software that adapts to individual users rather than relying on static apps and interfaces.
“From the very beginning, we set out to build a global tech company rooted in openness, creativity, and collaboration,” said Carl Pei, CEO and founder of Nothing.
“This investment round wasn’t just about raising money, it was driven by our commitment to our community and bringing them on this journey with us.
“The new members this investment round has drawn in is testament to how deeply our fans believe in what we’re building, and the momentum behind Nothing right now.
“Together, we’re reaching new milestones and shaping the future of AI-native consumer tech.”
The community round continues a model Nothing has used since its early days, allowing users and supporters to invest directly in the company ahead of any public listing.
Nearly 8,000 people have participated across previous rounds, contributing around $8m in total.
The company said the latest raise is being offered at the same price per share as its Series C, despite continued growth since that funding.
It has now raised more than $450m to date from investors including Tiger Global, GV, EQT, Highland Europe and Qualcomm Ventures, alongside high-profile technology founders and executives.
The company says the new funding will support its next phase, which includes the development of AI-native software and plans to launch its first AI-focused consumer devices in 2026.