London-based consumer tech company Nothing has raised $200 million in fresh funding, pushing its valuation to $1.3 billion and solidifying its position as one of the few challengers outside China aiming to disrupt the dominance of Apple and Samsung.
Founded by Carl Pei, Nothing has carved out a niche in the highly competitive smartphone market with its minimalist hardware design, transparent aesthetics, and competitive pricing. Pei revealed that the company generated $500 million in sales in 2024, marking a 150% year-on-year increase, with more than 7 million smartphones and audio devices sold globally. The company expects to surpass $1 billion in revenues this year.
The latest funding round was led by Tiger Global, joined by Qualcomm Ventures and Indian entrepreneur Nikhil Kamath. Existing backers such as Alphabet’s GV, Tony Fadell (former Apple executive and Nest founder), and Steve Huffman (Reddit CEO) also participated, highlighting strong investor confidence.
While Nothing remains outside the global top 10 smartphone makers, the brand continues to attract design-conscious younger consumers who want alternatives to mainstream offerings. According to investors, its ability to deliver premium features at lower prices without sacrificing user experience has been a key driver of its momentum.
Looking ahead, Nothing is preparing to expand beyond smartphones and wearables. Pei suggested the company is exploring “AI-native” devices, a new category of consumer hardware built specifically around artificial intelligence, which could eventually extend into robotics and even integration with electric vehicles.
“AI will reshape how we interact with devices,” said Pei. “The more context and data we provide, the more powerful and useful these devices will become. This is only the beginning of a new hardware era.”
