Nothing, the Carl Pei-founded hardware startup, has secured $96 million in a new round of funding to fuel its expansion into the US and the launch of its second smartphone. The London-based company raised that amount in an investment round led by European venture capital firm Highland Europe, with participation from existing investors GV, EQT Ventures, and C Capital, as well as house music supergroup Swedish House Mafia. Tony Zappala, a partner at Highland Europe, led the round and will join Nothing’s board. Nothing says it plans to use the new funds to scale its operations, produce more products, and scale up sales. The company has launched three earbuds and the Nothing Phone so far. A new iteration of the handset called Nothing Phone 2 is also set to launch on July 11. The funds will also help Nothing expand into the US market, where it will face stiff competition from Apple and other tech giants. The funding round comes amid rising inflation, which has made it difficult to raise funds for tech startups. Venture capitalists are wary of investing in a market where high-interest rates, weak consumer demand, and sluggish economic growth have eroded tech valuations.
