Nothing announced the closing of its £150m Series C funding round at a £1bn valuation. The investment marks a major milestone as the company transitions from being the only independent smartphone manufacturer to emerge in the last decade, towards building an AI-native platform where hardware and software converge into a single intelligent system.
Founded in 2020, Nothing has established an end-to-end value chain capable of delivering consumer hardware products at speed, scale, and quality. In just four years, the company has shipped millions of devices and surpassed £750m in total sales, with growth of 150% in 2024. Its operations span award-winning design, global manufacturing, and supply chain networks optimised for both quality and cost.
With this foundation in place, Nothing is positioned to rapidly launch new consumer hardware products, supported by global go-to-market operations and a large user community. The company states it can take a product from conception to worldwide launch within months, free from the constraints often faced by incumbents.
Nothing believes the smartphone will remain one of the most important devices in the AI era due to its scale and access to contextual information. However, the company sees a need for operating systems to evolve, becoming hyper-personalised, adaptive to user context, and capable of executing tasks through intelligent agents. Over time, Nothing aims to extend this AI-native operating system across multiple form factors, from smartphones, audio products, and smart watches to future devices such as smart glasses, robots, and EVs.
The company also expects a new class of AI-native devices to emerge alongside smartphones. These will be designed to capture real-time context and provide interfaces on demand, enabling more natural interactions. Nothing is currently developing its first AI-native devices, with launches expected in the coming year.
The Series C round was led by Tiger Global with participation from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, as well as new strategic investors Nikhil Kamath and Qualcomm Ventures. The funding will accelerate product innovation and expand Nothing’s global distribution.
Alongside the Series C, Nothing plans to launch its next Community round, offering supporters another opportunity to invest in the company.
