Nothing, the hardware startup from OnePlus co-founder Carl Pei, has secured $96 million in a new round of funding to fuel its ambitious plans to challenge Apple in the U.S. smartphone market.
The London-based company, which has launched three wireless earbuds and a smartphone so far, said it will use the funds to expand its operations, launch more products, and enter the U.S. market.
The investment round was led by European venture capital firm Highland Europe, with existing investors GV, EQT Ventures, and C Capital also participating, along with house music supergroup Swedish House Mafia.
Tony Zappala, a partner at Highland Europe, led the round and will be joining Nothing’s board, the company announced.
“Nothing has impressed us with its vision, product quality, and customer feedback. We are excited to support Carl and his team as they enter the next phase of their journey,” Zappala said in a statement.
Nothing said it has sold more than 1.5 million products to date, including the Ear 1, Ear 2 and Ear Stick wireless earbuds, and the Nothing Phone, its first smartphone. It is planning to launch a new smartphone, the Phone 2, on July 11, which will feature a processor from U.S. chip company Qualcomm.
The Phone 2 will be Nothing’s first attempt to break into the U.S. market, where Apple dominates with its iPhone. Nothing said it will offer a “differentiated” user experience and design that will appeal to American consumers.
“We are thrilled to have such a strong group of investors backing us as we prepare to launch our next product and enter one of the most important markets in the world,” Pei said in a statement.
“Nothing is on a mission to create products that are beautiful, simple, and intuitive. We believe there is a huge opportunity to disrupt the smartphone industry and bring something new to the table,” he added.
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