🏆 Deal of the Week · KW 38/2025
Nothing raised USD 200 million in a Series C round, reaching a post-money valuation of USD 1.3 billion. The round was led by Tiger Global. The capital will support Nothing's development of an AI-driven hardware platform.
Nothing — key deal facts
| Company | Nothing |
| Founded | 2020 |
| Headquarters | London, United Kingdom |
| Amount raised | USD 200m |
| Valuation | USD 1.3b |
| Round | Series C |
| Investors | Led by Tiger Global, included participation from existing investors GV (Google Ventures), Highland Europe, EQT, Latitude Investment Management, I2BF Global Ventures, and Tapestry VC, along with backing from Nikhil Kamath and Qualcomm Ventures |
| Sectors | Consumer Electronics |
Who invested in Nothing?
Tiger Global led the round, with participation from existing investors GV (Google Ventures), Highland Europe, EQT, Latitude Investment Management, I2BF Global Ventures, and Tapestry VC. New backers include angel investor Nikhil Kamath and strategic investor Qualcomm Ventures. The presence of Qualcomm Ventures alongside financial investors signals strong industry validation for Nothing's hardware and AI roadmap.
What does Nothing do?
Nothing is a London-based consumer electronics company founded in 2020 by Carl Pei, a former co-founder of OnePlus. The company designs and sells minimalist smartphones and audio devices, including the Phone (1), Phone (2), Phone (2a), and the sub-brand CMF Phone 1, as well as a range of wireless earbuds under the Ear product line. Nothing launched its first product, the Ear (1) earbuds, in 2021, followed by its debut smartphone, the Phone (1), in 2022. The company is positioning itself toward an AI-integrated hardware platform as it scales.
Nothing valuation & multiples
No verified revenue or EBITDA figures are available for Nothing at this time, so a precise EV/Sales or EV/EBITDA multiple cannot be calculated. Once comparable financials are disclosed, they can be benchmarked against sector peers on our Consumer Electronics multiples pages. Visit the relevant sector multiples pages on DealMatrix for current valuation reference ranges across consumer hardware and electronics.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Nothing raise in its Series C?
Nothing raised USD 200 million in its Series C round.
What is Nothing's valuation?
Nothing's valuation reached USD 1.3 billion following the Series C.
Who invested in Nothing?
The round was led by Tiger Global, with participation from GV (Google Ventures), Highland Europe, EQT, Latitude Investment Management, I2BF Global Ventures, Tapestry VC, Nikhil Kamath, and Qualcomm Ventures.
When was Nothing founded and where is it based?
Nothing was founded in 2020 and is headquartered in London, United Kingdom.
Source: original announcement — read the full report.