Nothing company profile: valuation, funding & revenue

This Nothing company profile covers the company's valuation, revenue, funding rounds, investors and history. Nothing works in consumer hardware, with a focus on smartphones and audio. It was founded in 2020 and is headquartered in London, England, United Kingdom. Its latest valuation on record is US$1.3 billion (September 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Nothing timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2020 — Nothing is founded in London by Carl Pei (CEO).
• Sep 2025 — Series C: US$200M, valuing the company at US$1.3B. Investors: Tiger Global (lead); GV, Highland Europe, EQT, Latitude, I2BF, Tapestry, Nikhil Kamath, Qualcomm Ventures.
• September 2025 — Units shipped: About 5.1 million devices in total, with more than 1 million in Q2 2025.

Investors

Overview

Nothing designs smartphones, earbuds, headphones and other consumer electronics with a distinctive look: transparent backs that show internal components, a dot-matrix design language and, on its phones, the "Glyph" interface of LED lights that signal notifications. Its CMF sub-brand sells more affordable devices. Nothing has built a passionate community of fans by positioning itself as a design-led challenger in a market dominated by Apple, Samsung and Chinese giants, and has become one of the few new smartphone brands in years to gain meaningful traction.

Carl Pei founded Nothing in London in 2020. Pei had previously co-founded OnePlus, the Chinese smartphone brand that became known for premium phones at lower prices and a strong online community. At Nothing, he applied similar tactics, building hype through limited launches and community engagement, while aiming for a more design-focused identity. Nothing's backers include Google's venture arm GV, Tiger Global and Indian investor Nikhil Kamath, along with angel investors such as Tony Fadell, a creator of the iPod.

Products

• Phone series: mid-range and flagship Android smartphones with the Glyph interface and Nothing OS.
• Ear and Headphone: wireless earbuds and over-ear headphones with the brand's transparent design.
• CMF by Nothing: a lower-priced line of phones, watches and earbuds aimed at younger and more price-sensitive buyers.
• Nothing OS: its own version of Android, designed to be clean and fast, with AI features increasingly central to its plans.

Sales and markets

Nothing said it had shipped about 5.1 million devices by September 2025, with more than one million in the second quarter of 2025 alone. Its global smartphone market share remains under 1%, but it has about 2% share in India, its biggest market, where it sells through online retailers and has expanded manufacturing locally. Europe, including the UK, and other Asian markets are also important. Nothing has said it is profitable on a product basis in some lines, but doesn't publish revenue, so we show it as not disclosed.

Funding

Nothing raised early rounds from GV, Highland Europe, EQT and others. In September 2025 it raised a US$200 million Series C at a US$1.3 billion valuation, led by Tiger Global, with existing investors GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, and new strategic backers Nikhil Kamath and Qualcomm Ventures. Total funding passed US$450 million. Nothing said it would use the money to build an "AI-native" platform combining hardware and software.

Competition

The smartphone market is one of the hardest for newcomers. Nothing competes with Apple and Samsung at the top, and with Chinese brands such as Xiaomi, Oppo, Vivo, Realme and OnePlus, which have enormous scale and supply chain advantages, particularly in India and Southeast Asia. Google's Pixel line also targets buyers who want a clean Android experience. Nothing's advantages are its brand, design and community; its challenges are scale, distribution and margins.

Nothing at a glance

Nothing is a London consumer electronics company founded in 2020 by OnePlus co-founder Carl Pei. It makes smartphones, earbuds and headphones with distinctive transparent designs, and the lower-priced CMF line. It had shipped about 5.1 million devices by September 2025 and raised a US$200 million Series C at US$1.3 billion, led by Tiger Global.

Why building a new phone brand is so hard

Smartphones are a mature market with slowing global sales. Established brands buy components in huge volumes, negotiate with carriers and retailers, and spend heavily on marketing. A new brand must persuade buyers to switch from a phone they trust, often in an ecosystem of apps, accessories and services. Margins on mid-range phones are thin. Many well-funded challengers have failed or faded. Nothing's approach is to focus on design and community, start with online sales, and target markets such as India where buyers are open to new brands and a large share of sales happen online.

The AI device bet

Nothing has said its next phase is building AI into its devices at a deeper level, potentially creating new interfaces where AI anticipates what users need rather than requiring them to open apps. Several companies have tried dedicated AI gadgets with mixed results, while Apple, Google and Samsung are adding AI features to their phones. Nothing's bet is that a smaller, design-focused company can move faster and create a more distinctive AI experience on its own hardware and operating system.

Questions for buyers

• How many years of software and security updates does the phone receive?
• How strong is service and repair support in your country?
• How do camera and battery life compare with similarly priced phones?

Risks

• Scale: component costs and distribution favour much larger competitors.
• Concentration: heavy reliance on India exposes it to one market's dynamics.
• Execution on AI: its new strategy depends on delivering software that stands out against giants.

Community-led marketing

Nothing has relied heavily on its community rather than traditional advertising. It sold early equity to fans through crowdfunding, invites users into product discussions, releases teasers that build anticipation before launches and maintains an active presence on social media and forums. Carl Pei used similar tactics at OnePlus, including invite-only sales that created a sense of exclusivity. This approach keeps marketing costs lower than those of established brands and creates loyal early adopters who recommend the products to others. The challenge is turning enthusiast buzz into mass-market sales through carriers and retail stores.

Manufacturing in India

Nothing has moved a large share of its production to India, partly to serve its biggest market more cheaply and partly to benefit from government incentives for local electronics manufacturing. Local production also helps it avoid import duties and builds goodwill with Indian buyers and policymakers. Several global phone brands have taken the same route as India becomes a major manufacturing hub.

Latest developments (October 2026)

Nothing's September 2025 Series C of US$200 million, led by Tiger Global at US$1.3 billion, remains its latest institutional round; the company later opened a community round letting fans buy shares at the same valuation. Nothing has said it is developing AI-native devices, and it continues to sell phones and audio products in India, Europe and other markets.

What to watch

Watch for its first AI-native device, shipment growth, expansion in the US and India, profitability and any further funding. Our guides to the largest European startups and the largest Indian startups give wider context on its key markets.

Takeaways

Consumers have a design-focused Android alternative. Founders can learn from Nothing's community-led marketing. Investors should weigh a strong brand against the brutal economics of consumer hardware.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Highland Europe
2. Outlook Business