London gadget maker backed by iPod inventor raises $70 million

London-based gadget enterprise Practically nothing, backed by the co-inventor of the iPod Tony Fadell, has elevated a further more £70 million (£53 million) in a Collection B funding round led by EQT Ventures and C Ventures.

The new investment provides the overall elevated by Very little to $144 million, including $1.5 million from its very first community financial investment round. The new money will be made use of to acquire Nothing’s solution selection and extend the London Design and style Hub at the company, helmed by ex-Dyson head of structure Adam Bates.

“With this spherical of financing, we have the gas to realise the upcoming section of our vision of a seamless digital upcoming,” said founder Carl Pei.

“I’m grateful for the support from our neighborhood and traders. Our initially year was a warmup, and we just cannot hold out to reveal what we’re setting up at Nothing at all.”

Absolutely nothing by now has a sequence of superior-profile tech backers including Steve Huffman, the chief govt and co-founder of Redditt, Kevin Lin, the co-founder of Twitch, and YouTube star Casey Neistat. The business also has backing from GV, formerly acknowledged as Google Ventures.

The enterprise, headed by A person Plus co-founder Pei, is at the moment identified for its in-ear wi-fi headphones. Its to start with merchandise array was a line of carbon-neutral wireless earbuds introduced in August 2021 that marketed extra than 400,000 units.

Sources close to the tech agency have indicated that Absolutely nothing is established to expand its product selection with the start of a smartphone at an event later on this month.

“We are very pleased to again a youthful entrepreneur like Carl, who shares our eyesight of partaking up coming era prospects with an artistic solution,” reported Adrian Cheng, C Ventures founder and chief govt of New Earth Enhancement.

“We are psyched to aid Nothing’s mission to crack the hegemony of shopper tech giants and embark on an ambitious journey to problem the status quo.”