Nothing has closed a $96 million funding round to fund its development. With its ambitious vision, the company aims to become the Apple of the Android ecosystem.
The Glyph Composer // Source: Nothing
If you’re a loyal Frandroid reader, the name “Nothing” is probably familiar to you. This company was founded by OnePlus co-founder Carl Pei with the support of Frenchman Akis Evangelidis and part of his former team.
With Nothing, Carl Pei wants to repeat, if not surpass, the success he had with OnePlus. This ambition becomes all the more clear as there are persistent rumors about OnePlus’ imminent exit from the French market due to a patent dispute with Nokia.
Since its inception in 2020, Nothing has marketed a smartphone, the Nothing Phone (1), as well as a line of headphones.
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Now the company is gearing up to launch its second phone, the Phone(2), which promises advanced features at an arguably higher price point than its predecessor. With its products, Nothing not only competes with other Android smartphones; it aims squarely at the giant Apple.
$96 million to fund its development
However, in order to be able to fulfill this ambitious mission, a strong equity investment is required. Lately, The company has closed a $96 million round of financing., run by Highland Europe and backed by its existing investors such as Google Ventures, Sweden’s EQT, C Ventures and the notorious Swedish House Mafia group. The total value of Nothing remains unknown, but Forbes puts it at $500 million, which would be the value of the 2022 crowdfunding campaign. Nothing has raised $250 million since inception.
The success of this fundraiser appears to be no accident. Nothing has proven the company’s ability to design and market a phone: in 2022, 750,000 units of the phone (1) and its headphones were sold, equivalent to $200 million in annual sales. To put that in perspective, in 2022, Bank of America estimated the iPhone to be worth $205 billion to Apple. To date, Nothing has shipped over 1.5 million phones and headphones.
This fresh capital will be used to develop new products, expand the existing range and finance costly market launches.
An admiration for Apple
Carl Pei doesn’t hide his admiration for Apple, which he regularly expresses in product test videos and interviews. As he told Forbes, “We’re not trying to be the Apple of 2023. We’re trying to be the Apple of the 1980s.” This statement sums up the company’s claim to make Nothing the Apple of the Android world.
Carl Pei wants to use his international presence: Although Nothing is headquartered in London, his team is spread across several countries and his investors are just as international. It can also benefit from a market from which some big Chinese players have been excluded, such as Huawei due to the American embargo and recently the Oppo Group due to its legal problems with Nokia, indirectly affecting the Vivo, Realme and OnePlus brands.
Noting therefore seems well positioned to shake things up in the Android ecosystem. Only time will tell if this ambitious startup can achieve its audacious goal: to become the Apple of Android.
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