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- Nothing
Nothing Valuation, Funding & Investors
Nothing is valued at $1.3B as of September 2025.
Last Nothing valuation
$1.3B
Series C · Sep 2025
Last Nothing funding round
$200M
Series C · Sep 2025
Cumulative funding Nothing raised
$446M
across 8 funding rounds
Key investors in Nothing
GV
EQT Ventures
Tapestry VC
Crowdcube
Quiet Capital
Highland Europe
About Nothing
Nothing is a London-based consumer electronics company founded in 2020 by Carl Pei, the former OnePlus co-founder. It designs smartphones, wireless earbuds, and other connected hardware, positioning itself as a design-focused challenger to established brands like Apple and Samsung. The company's debut product was the ear (1) earbuds, and it has since expanded into AI-centric devices while building its identity around design differentiation and community engagement.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$1.3B (Sep 2025)
Sectors
Nothing Valuation
Nothing is currently valued at $1.3B, based on its Series C in September 2025.
The $200M round was led by Tiger Global, with participation from Qualcomm Ventures, GV, Highland Europe, Latitude, EQT Ventures and 3 other investors.
Nothing's valuation has grown 2.4x from $544M at its pre-seed round in April 2022 to $1.3B in September 2025, across 2 priced rounds.
Nothing valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2025 | Series C | $1.3B |
| Apr 2022 | Pre-seed | $544M |
Nothing Funding History
Nothing has raised a total of $446M across 8 funding rounds.
Nothing's first fundraising round was a $7M seed round in December 2020. The most recent completed round was a $200M Series C in September 2025.
Nothing funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series C | Tiger Global (lead); Qualcomm Ventures; GV; Highland Europe; Latitude; EQT Ventures; I2BF Global Ventures; Nikhil Kamath; Tapestry VC | $200M | $1.3B | Nothing, the London-based consumer electronics startup founded by Carl Pei (ex-OnePlus co-founder), closed a $200 million Series C funding round on September 15, 2025, led by Tiger Global at a $1.3 billion post-money valuation. Existing investors GV, Highland Europe, EQT Ventures, Latitude, I2BF Global Ventures, and Tapestry participated, joined by new backers Nikhil Kamath and Qualcomm Ventures. The round brings Nothing's total funding to over $450 million, with proceeds aimed at accelerating innovation in AI-native hardware and software platforms, including upcoming AI-first device launches in 2026 and global distribution expansion. Nothing differentiates through design-focused smartphones and earbuds, having shipped 5.1 million units to date, with over a million in Q2 2025 alone. The company holds less than 1% global market share but 2% in India, its largest market, where 80% of units are sold. It reported over $1 billion in total sales earlier in 2025, following 150% growth in 2024, and is on a path to profitability per investors. A community funding round at the same $1.3 billion valuation followed in December 2025, raising over $8 million from 5,000+ investors across 80 countries. The funding supports Nothing's shift from hardware-centric growth to an AI-native ecosystem converging hardware, software, and personalized OS. With a robust supply chain and talent attraction as a recognized brand, Nothing plans further expansion beyond Asia while preparing spin-offs like the budget CMF brand and eyeing IPO readiness within three years. |
| Jun 2023 | Series C | Highland Europe (lead); GV; C Capital; Swedish House Mafia; EQT Ventures | $96M | - | Nothing Technology Limited, a London-based consumer electronics company founded in 2020 by Carl Pei, specializes in smartphones, audio products, and emerging AI-centric devices, positioning itself as an independent challenger to giants like Apple and Samsung through design differentiation and community engagement. The company raised $96 million in a Series B1 funding round around June 2023 led by Highland Europe, with participation from C Capital, EQT Ventures, GV, and Swedish House Mafia. By 2024, Nothing had achieved significant traction, surpassing $1 billion in lifetime sales, doubling annual revenue to over $500 million, and selling more than 7 million devices, with strong growth in India where it became the fastest-growing smartphone brand at over 577% year-on-year. In 2023, it reportedly generated around £50 million from phone sales but incurred a £59 million loss after costs for manufacturing, operations, marketing, and R&D. Later, in September 2025, Nothing closed a $200 million Series C round led by Tiger Global at a $1.3 billion valuation, bringing total funding to $450 million, and launched a $5 million community round at the same valuation while claiming 150% revenue growth from 2024 and crossing $1 billion in cumulative sales. The company shipped 5.1 million units by mid-2025, with over 1 million in Q2 alone, holding less than 1% global market share but 2% in India, and plans AI-first devices, a CMF budget brand spin-off, and IPO readiness within three years. |
| Apr 2022 | Pre-seed | GV; Crowdcube; Tony Fadell; EQT Ventures; Casey Neistat | $7M | $544M | - |
| Mar 2022 | Series B | C Ventures (lead); EQT Ventures (lead); GV; Gaorong Capital; Animoca Brands; Future Shape; Beyond Capital; Dialectic; Tapestry VC | $70M | - | Nothing, a London-based consumer tech company founded in 2020 by Carl Pei, designs smartphones, earbuds, and related ecosystem products aiming to remove barriers between people and technology. Its debut product, ear (1), sold out, and the company focuses on connected hardware and services bringing artistry back to consumer tech. On March 9, 2022, Nothing raised $70 million in a Series B round co-led by EQT Ventures and C Ventures, with participation from GV (Google Ventures), Future Shape (Tony Fadell), Gaorong Capital, Animoca Brands, and others matching the query's investors. The funds were allocated to scale its product ecosystem, establish a London Design Hub, advance hardware R&D, launch new devices, and build the Nothing ecosystem. Total funding across rounds exceeds $450 million as of 2025. The company has grown its investor community through rounds like a 2025 community investment raising over $8 million from 5,000+ investors at $1.3 billion valuation via platforms like Crowdcube and Wefunder, supporting AI-native hardware and OS development planned for 2026. Nothing positions itself as a rare independent challenger to Apple and Samsung in consumer electronics, emphasizing AI-native platforms where hardware and software converge. |
| Oct 2021 | Series A | Axel Christofer Hedfors; Yuvraj Singh; Sebastian Ingrosso; Karan Johar; Ranveer Allabadia; Sabyasachi Mukherjee; Jasleen Royal | $50M | - | - |
| Feb 2021 | Pre-seed | Crowdcube | $2M | - | - |
| Feb 2021 | Series A | GV (lead); Hugo Barra; SYSTEMA; Quiet Capital; Tapestry VC | $15M | - | - |
| Dec 2020 | Seed | Sam Mathews; Buckley Ventures; Tony Fadell; Steve Huffman; Liam Casey; Kevin Lin; Josh Buckley; Casey Neistat; Paddy Cosgrave; Ambridge Capital; Quiet Capital; Tapestry VC | $7M | - | - |
Who has invested in Nothing?
38 investors have backed Nothing across its funding rounds, including GV, EQT Ventures, Tapestry VC, Crowdcube, Quiet Capital and Highland Europe.
Lead investors include Tiger Global, Highland Europe, C Ventures, EQT Ventures and GV.
Nothing Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Feb 2021 | ||
| 4 | Lead | Mar 2022 | ||
| 4 | Participant | Dec 2020 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Lead | Jun 2023 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Dec 2020 | ||
This data is available for Pro users. Sign up to see all 38 Nothing investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Nothing
Nothing has acquired 1 company to date.
Last acquisition by Nothing was on February 15th 2021. Nothing acquired Essential for undisclosed valuation.
Latest Acquisitions by Nothing
| Description | Essential is a Palo Alto-headquartered consumer technology company developing smartphones and smart home devices. The firm launched the PH-1 smartphone in 2017 featuring edge-to-edge display, pure Android software, and modular accessory port. Essential focuses on hardware-software integration for premium mobile experiences. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 15 Feb 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Nothing acquisitions and their M&A valuation multiples. Start Free Trial | |
Nothing Competitors
Nothing competitors include listed companies like Edifier, Daiichikosho, Telling Telecommunication and United Electronics, and private ones like B.TECH and New Leshi Smart Home.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $220M | - | $1.3B | 5.9x | ||
| Publicly listed | $417M | $84M | $1.3B | 2.3x | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $1B | $268M | $1.3B | 1.3x | ||
| Publicly listed | $14B | $86M | $1.4B | - | ||
| Publicly listed | $2B | $212M | $1.4B | 0.8x |
Nothing Public Comps
Nothing is still privately-owned, but its public comps include Edifier, Daiichikosho, Telling Telecommunication, United Electronics, Fenda Technology, Sun Corp., Tamron, Cricut, Arlo and Qisda.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $417M | $84M | 2.4x | 2.3x | 11.8x | 10.5x | |||
| $1B | $268M | 1.3x | 1.3x | 5.1x | 6.0x | |||
| $14B | $86M | 0.2x | - | 33.1x | - | |||
| $2B | $212M | 0.8x | 0.8x | 7.8x | 7.7x | |||
| $404M | $22M | 3.3x | - | 59.5x | - | |||
| $64M | - | 21.8x | 22.2x | - | - | |||
| $547M | $128M | 2.2x | 2.0x | 9.2x | 8.4x | |||
| $709M | $122M | 1.3x | 1.3x | 7.6x | 7.4x | |||
This data is available for Pro users. Sign up to see all Nothing competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Nothing
| When was Nothing founded? | Nothing was founded in 2020. |
| Where is Nothing headquartered? | Nothing is headquartered in United Kingdom. |
| Is Nothing publicly listed? | No, Nothing is a private, VC-backed company. |
| What is Nothing's valuation? | Nothing was last valued at $1.3B in its Series C in September 2025. |
| How much funding has Nothing raised? | Nothing has raised $446M across 8 funding rounds. |
| What was Nothing's last funding round? | Nothing's last funding round was a $200M Series C in September 2025, led by Tiger Global. |
| Who are Nothing's investors? | Nothing's investors include GV, EQT Ventures, Tapestry VC, Crowdcube, Highland Europe, Tony Fadell, Casey Neistat, Quiet Capital, Axel Christofer Hedfors, Qualcomm Ventures and 28 others. |
| Which companies are comparable to Nothing? | Companies comparable to Nothing include B.TECH, Edifier, New Leshi Smart Home, Daiichikosho, Telling Telecommunication and United Electronics. |
| How many companies has Nothing acquired? | Nothing has acquired 1 company, including Essential. |
See companies similar to Nothing
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