Nothing receives a $96 Million investment to drive US growth strategy
OnePlus co-founder Carl Pei is determined to enter the US smartphone market with his startup Nothing, and it seems like he's getting closer to achieving that goal.
According to a report by CNBC (via Android Headlines), the London-based startup managed to secure a whopping $96 million in funding from investors. The primary objective of this investment is to expand Nothing's business into the US market and introduce its latest smartphone, the Phone (2).
Highland Europe, a European venture capital firm, led the investment round, while existing investors such as GV, EQT Ventures, C Capital, and Swedish House Mafia, with which Nothing collaborates for creating unique ringtones for the Phone (2), also contributed to the funding.
This amount of $96 million will primarily be invested in establishing Nothing's presence on the US market, where the company competes with industry giants like Apple. With this additional funding, Nothing plans to expand its operations further to produce more products and boost sales.
In an interview with CNBC, Carl Pei, co-founder of Nothing, expressed his confidence in making significant progress with the launch of the company’s first phone in the US market. He believes that Nothing's entry into the US market will create a noticeable impact.
Since its inception, the startup has already sold over 1.5 million devices with the Nothing brand, which some consider a significant amount for a young company just entering the market. However, the upcoming launch of its Phone (2) smartphone is expected to solidify Nothing's position in the mobile technology market even more.
Notably, Nothing has previously introduced three products: the Ear (1), Ear (2), and Ear Stick wireless earbuds, in addition to their first-ever smartphone, the Nothing Phone.
The Nothing Phone (1) has been around for almost a year and it was launched in Europe and Asia, the next model is expected to be even better and soon we will have the opportunity to prove if it is true or not.
According to a report by CNBC (via Android Headlines), the London-based startup managed to secure a whopping $96 million in funding from investors. The primary objective of this investment is to expand Nothing's business into the US market and introduce its latest smartphone, the Phone (2).
Highland Europe, a European venture capital firm, led the investment round, while existing investors such as GV, EQT Ventures, C Capital, and Swedish House Mafia, with which Nothing collaborates for creating unique ringtones for the Phone (2), also contributed to the funding.
This amount of $96 million will primarily be invested in establishing Nothing's presence on the US market, where the company competes with industry giants like Apple. With this additional funding, Nothing plans to expand its operations further to produce more products and boost sales.
Since its inception, the startup has already sold over 1.5 million devices with the Nothing brand, which some consider a significant amount for a young company just entering the market. However, the upcoming launch of its Phone (2) smartphone is expected to solidify Nothing's position in the mobile technology market even more.
The eagerly awaited Phone (2) is scheduled to be announced on July 11, 2023. It will pack a Snapdragon 8+ Gen 1 chip, which is a leap forward compared to the mid-range Snapdragon 778+ in Nothing Phone (1), yet still not the best chip Qualcomm has to offer, namely the Snapdragon 8 Gen 2.
Notably, Nothing has previously introduced three products: the Ear (1), Ear (2), and Ear Stick wireless earbuds, in addition to their first-ever smartphone, the Nothing Phone.
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