Nothing, a smartphone maker backed by Google's venture capital arm and iPod creator Tony Fadell, plans to raise at least $100 million to expand its operations, Bloomberg reports.
The London-based startup, which was founded in 2021 and has gained widespread support among enthusiasts, recently started raising funding in a Series C round, sources say.
In 2024, Nothing doubled its annual revenue, surpassing the $500 million mark, and recently reached total sales of $1 billion. According to the sources, the company also told investors about the improvement in margins compared to the previous year and that it sold a total of 7 million units of its products.
The startup is headed by Carl Pei, one of the founders of the popular Chinese brand OnePlus. Nothing sells smartphones in the price range of $250 to $700, as well as several headphones and smartwatches.
The largest market for Nothing is India, followed by Germany and the UK, the report says. The main market for the company's audio products is the US, followed by the UK, Germany and Japan.
This year, Nothing is focusing on growing sales globally, and in 2026, it plans to actively enter the US market. The company is also exploring the prospects of expanding its product line. Currently, Nothing employs about 600 people and has production facilities in China and India.