London consumer tech firm bags $70m to pump into product design
London-based earphone maker Nothing has bagged a $70m funding round today to pump into product development as it opens up a new design hub in the capital.
Nothing, which released its first product in August 2021, is now planning to expand its product range beyond earphones as it opens up the new design facility led by former Dyson chief design guru Adam Bates.
The $70m funding round was led by EQT Ventures and C Ventures and backed by the co-inventor of the iPod Tony Fadell, taking Nothing’s total capital raised beyond $144m.
Founder Carl Pei said he was now looking to supercharge the firm’s growth.
“I’m grateful for the support from our community and investors,” he said. “Our first year was a warmup, and we can’t wait to reveal what we’re building at Nothing.”
Bates will now lead the next stage of the firm’s product development from its London hub, and Pei plans to unveil the firm’s plans for the year this month.
C Ventures founder Adrian Cheng said Nothing’s products were shaking up the consumer tech market.
“For too long, the consumer tech industry has been dominated by the same players, offering customers uninspiring and staid products,” he said.
“Nothing represents a bright, new future – combining innovative design with carbon-neutrality and a forward-thinking approach to help us all re-imagine how we use and interact with our tech.”
Nothing’s carbon-neutral wireless earbuds have shipped over 400,000 units since their launch in August last year.