Phone startup Nothing has reportedly opened a major funding round as the company has crossed US$1 billion (A$1.6 billion) in sales and prepares to release new products.
The company’s annual revenue doubled in 2024, according to Bloomberg. Nothing said it has sold 7 million units across its product lines.
“Last year was pivotal for Nothing. It was all about scaling, and we succeeded as a team,” Nothing CEO Carl Pei said in a leaked memorandum this week.
Pei previously co-founded Chinese phone company OnePlus.
Nothing raised US$100 million in its last funding round in 2023. The company hopes its Series C round will raise at least another $100 million.
Nothing’s Phone, first released in 2022, features a transparent design and a set of lights on the phone’s back to indicate notifications.
It uses Android’s operating system. The company also produces wireless earbuds and smart watches through its sub-brand CMF.
The Nothing Phone (3) will be released in 2025, Pei said in the memorandum.
“It will introduce breakthrough innovations in user interface, taking our first step toward our AI-powered platform,” he said.
Nothing will launch a new phone in 2025’s first quarter, Pei said, but did not confirm whether this would be the Phone (3) or another model.
The Nothing Phone’s largest markets are India, Germany, and the United Kingdom, while Nothing’s earbuds’ largest market is the United States.
The company reportedly aims to expand its market share in the United States from 2026.
Nothing is also considering adding new product categories to its line-up, according to Bloomberg, though it is unclear what this might include.
