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.
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.
