Smartphone startup Nothing announced today that it closed its Series C round of $200 million, which was led by the investment firm Tiger Global. With this round, the consumer electronics company is now valued at $1.3 billion.
Other investors in the round included existing backers such as venture outfits GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry. The company, founded by Carl Pei — who previously co-founded Chinese smartphone maker OnePlus, known for high-performance devices at competitive prices — also received new strategic backing from Nikhil Kamath and Qualcomm Ventures. The new funding takes Nothing’s total funding to over $450 million.
“Carl and the team at Nothing are reimagining hardware and software with an AI overlay to position their products for the next era of personal technology. We’re excited to partner with this exceptional team as they pioneer AI-native experiences,” said Matt Watcher, a partner at Tiger Global, in a statement to TechCrunch.
The company said it will soon open up another community funding round. In previous community rounds the company raised $11.5 million in total.
The company has bet on design differentiation so far, and it has served the startup well. Nothing says it clocked in over $1 billion in total sales earlier this year. An early investor in the startup told TechCrunch that they are happy with the company’s growth trajectory and road to profitability.
The startup said that up to this point, it has spent time building a supply chain and infrastructure to launch a product within months and ship it worldwide. Notably, its recently launched Phone (3) — which showcases the company’s signature transparent design aesthetic and unique user interface — was only its second handset to receive general distribution in the U.S.
Nothing Phone 3 Image Credits: Ivan Mehta Image Credits:Ivan Mehta
Nothing has less than 1% market share globally, but in India, its biggest market, it has managed to grab 2% share, according to analytics firm IDC. The company has shipped 5.1 million units to date, with the company shipping over a million units just in Q2 2025. IDC said its global expansion has been slow as 80% of its units are still sold in Asia.
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Pei has said that he wants to target his brand towards the next generation of users who might seek alternatives beyond incumbents.
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