Community
Investment (3)
Nothing’s Community Investment (3) has now closed.
We’re excited to have so many of you join our community and to be a part of Nothing’s next chapter.
Let’s create the future together.
What do Facebook and Amazon have in common? They both failed to build a global smartphone business. We didn’t. We launched our first smartphone, the Nothing Phone (1) in 2022. To date we have shipped millions of devices, crossed $1B+ in lifetime sales in 2024 with 150% year-on-year growth, and raised $200M in our Series C round at a $1.3B valuation. But we have a bigger vision.
Nothing was founded before the world realised AI would reshape personal technology. Back then, the tech industry looked saturated from the outside, but from the inside, we saw an opening: if we could build a smartphone business at scale - and own the last-mile distribution point of consumer tech - we would be in the strongest possible position for whatever the next major shift would be. We didn’t yet know what that shift would look like, but we knew we had to build the foundations first.
So we focused on the hardest problem in technology: building an end-to-end hardware value chain from scratch. One capable of delivering products at speed, scale, and quality, where the margin for error is effectively zero. It meant assembling a team that could balance pragmatism with creativity - always pushing for experiences that felt new, meaningful, and instantly recognisable.
That foundation became real. We built a global supply chain. We established manufacturing partnerships across the world. We created an award-winning design language that shaped a new cultural identity in tech. And we set up a product development infrastructure that has shipped millions of devices across smartphones, audio, and smartwatches. Among all new entrants in the last decade, we believe Nothing is the only independent smartphone company to break through at a global scale, we are one of the fastest-growing brands, and the fastest for six consecutive quarters in India, something that has never been achieved in the world’s second-largest smartphone market.
But the most important achievement wasn’t the revenue or the growth. It was securing a seat at the table for what’s next. Today, we’re in a position that’s very hard to copy: we have the ability to launch any consumer hardware product from start to finish within months, go-to-market operations that can ship and service worldwide, and a global user community that co-creates with us.
Over the past two years, while building Nothing, we’ve watched AI move from research labs into everyday life. Yet the smartphone experience has barely evolved. More than 20 years after the first iPhone, we’re still tapping and swiping through lock screens, home screens, and apps. Operating systems remain rigid and generic, built for a world that no longer exists. AI assistants and tools have become, at best, a feature layer – and all too often a buzzword - rather than the systemic shift AI itself has the potential to deliver.
For AI to reach its full potential, consumer hardware must reinvent itself . This is the future we see for Nothing. The smartphone - with its sensors, distribution scale, and unmatched access to user context - will remain the most important device in the AI era. But its operating system has to evolve. We believe the future will be defined by AI-native systems that deeply understand each user, adapt to their context, and handle the non-essential on their behalf. Instead of one operating system for a billion people, there will be a billion different operating systems for a billion people. And this intelligence will travel with them across devices: smartphones, audio products, smartwatches, smart glasses, and whatever comes next.
Nothing is uniquely positioned for this transition because we already own the gateway - the smartphone - and we’ve built the global supply chain infrastructure that can continue to rapidly launch new hardware products in the future. Essential Apps is our first step towards an AI-native operating system and a hyper-personalised smartphone experience – Essential OS. With our Essential Apps, anyone can create their own apps in seconds using natural language. Next year, we are planning to launch some of our first AI-native devices to create the future of consumer technology. While the smartphone will remain a billion-unit-scale product, everyone will soon carry an additional device - always-present, context-aware, and capable of turning understanding into action. We’re building that future now.
Our progress and vision have been backed by some of the most respected investors in the world. To date, we’ve raised over $450M from partners such as Tiger Global, GV (formerly Google Ventures), EQT, Highland Europe, and Qualcomm Ventures, along with leading tech entrepreneurs like Tony Fadell (Future Shape, inventor of the iPod), Casey Neistat, Nikhil Kamath (co-founder Zerodha), Kevin Lin (co-founder of Twitch), Steve Huffman (CEO of Reddit), Garry Tan (CEO of Y Combinator), and many others. In September, we closed a $200M Series C at a $1.3B valuation - a milestone that marks the beginning of this next chapter.
We didn’t get here alone. From day one, our community has been part of the journey - not cheering from the sidelines, but shaping the way we build. Close to 8,000 people invested $8M across our previous community rounds. But it was never about the money. It was about working hand in hand with our users, keeping us grounded, challenging our assumptions, celebrating the wins, weathering the setbacks, and always moving forward with long-term conviction. This next community round continues the tradition.
Usually, people only have the chance to invest once a company goes public, but by then, the upside is often limited. Here, we’re giving our community an opportunity to invest before that stage: to be part of our journey and benefit from the value created together along the way. Despite continued growth since our Series C, we’re offering it at the same price per share, giving supporters the chance to grow with us while shaping the future of AI-native consumer technology.