Nothing, a United Kingdom-based consumer tech company, announced Wednesday it has raised a $70 million Series B fundraise co-led by EQT Ventures and C Ventures.

The round also saw the participation from GV, Tony Fadell’s Future Shape, Gaorong Capital and Animoca Brands, Nothing said in a statement.

It said the new funding will go towards scaling its product ecosystem and establishing its London Design Hub.

“With this round of financing, we have the fuel to realise the next phase of our vision of a seamless digital future. I’m grateful for the support from our community and investors. Our first year was a warmup, and we can’t wait to reveal what we’re building at Nothing during the upcoming event,” said Carl Pei, Nothing Chief Executive Officer and Co-Founder.

The new investment brings the total raised by Nothing to $144M to date, including $1.5 million from its first community investment round which broke a record for fastest $1 million raised.

The funding will be used to create new product categories in partnership with Qualcomm Technologies and its Snapdragon platform, and grow operations at its new London Design Hub, led by ex-Dyson Head of Design Adam Bates.

“We’re delighted to be backing Nothing in this new funding round. For too long, the consumer tech industry has been dominated by the same players, offering customers uninspiring and staid products. 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,’ said Ted Persson, Partner at EQT Ventures.

Nothing released its first product, ear (1), carbon-neutral true wireless earbuds in August 2021, shipping over 400,000 units. It is the first step in a promised series of seamlessly connected products, defined by iconic design.

“We are proud to back a young entrepreneur like Carl, who shares our vision of engaging next generation customers with an artistic approach. We are excited to support Nothing’s mission to break the hegemony of consumer tech giants and embark on an ambitious journey to challenge the status quo,” said Adrian Cheng, C Ventures Founder and Chief Executive Officer of New World Development.

Nothing is a London-based consumer tech company. Starting with sellout debut product ear (1), it is creating an ecosystem of seamlessly connected products and services that bring artistry and passion back to the industry. It is a privately held company with backing from GV (formerly Google Ventures), EQT Ventures, C Ventures and other private investors including Tony Fadell (Principal at Future Shape & inventor of the iPod), Casey Neistat (YouTube personality and Co-Founder of Beme), Kevin Lin (Co-Founder of Twitch) and Steve Huffman (Co-Founder and Chief Executive Officer of Reddit).

EQT Ventures is a multi-stage venture capital fund that partners with the most ambitious and boldest founders in Europe and the United States. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco, Berlin and Paris. Fuelled by experienced company builders and scalers, EQT Ventures helps the next generation of entrepreneurs with the capital and hands-on support needed to build global winners.

C Ventures is a venture capital company founded by Adrian Cheng bridging West and East, curating a global ecosystem targeting Millennials and Generation Z, with a focus on disruptive businesses in the technology and consumer sectors. Its dedicated and expert team has access to the most highly sought-after deals through a collective network of top global entrepreneurs, family and thought leaders. Other recent investments by C Ventures include Casetify (DTC electronics accessory brand ), Animoca Brands, RTFKT Studios, well known for its NFT sneakers; Matrixport, Sensetime and XPeng etc.

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