Image Credit: Bloomberg

Nothing, a London-based smartphone maker backed by Google’s venture arm and iPod creator Tony Fadell, is looking to raise at least $100 million in funding to expand its operations.

The company, which launched in 2021 and quickly garnered attention from tech enthusiasts, recently started its Series C funding round, according to sources familiar with the matter who requested anonymity due to the confidential nature of the plans.

Despite several competitors trying to challenge Apple’s iPhone, few outside of China have been able to pose a serious threat to the well-established market leaders. Nothing previously raised around $100 million in 2023.

Known for its distinctive smartphone design with a transparent back, Nothing was founded by Carl Pei, co-founder of OnePlus. The company offers phones priced between $250 and $700, along with earbuds and a smartwatch.

In 2024, Nothing doubled its annual revenue to over $500 million and surpassed $1 billion in lifetime sales. It has also reported improved profit margins compared to last year and has sold 7 million units across all product categories.

While its devices are available in the US, the company’s primary markets are overseas, with India being the largest, followed by Germany and the UK. The US is the top market for its audio products, followed by the UK, Germany, and Japan.

This year, Nothing plans to focus on increasing sales outside of the US but aims to make a bigger push into the American market by 2026. The company is also exploring expansion into new product categories. Currently, Nothing employs around 600 people and manufactures its devices in China and India.

Like most non-Apple smartphones, Nothing’s devices run on the Android operating system. The company is also working on software upgrades that will introduce more artificial intelligence features, set to launch in the first half of the year.

Paraphrasing text from "Bloomberg" all rights reserved by the original author