Nothing looks to its community to raise $5M, wants to be ‘IPO-ready’ in 3 years

Hardware shaper Nothing is letting its idiosyncratic basal bargain its banal arsenic portion of a caller assemblage concern circular of $5 million. The caller round, which opens connected December 10, volition alteration consumers to bargain the company’s shares astatine its Series C valuation of $1.3 billion.

The institution said it has truthful acold raised $8 cardinal successful full from implicit 8,000 radical crossed 2 erstwhile assemblage concern rounds. It held its archetypal assemblage backing lawsuit successful 2021, aiming to rise $1.5 million.

“This isn’t astir raising capital, it’s astir giving our community/fans a accidental to put portion we’re backstage and articulation america connected the journey,” a spokesperson for Nothing told TechCrunch.

Community investors person a rotating spot connected the company’s board, but it is unclear what other they get for investing successful the institution done specified rounds.

Nothing raised $200 cardinal successful its Series C backmost successful September from investors including Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF and Tapestry. The institution has raised $450 cardinal to date.

The assemblage circular comes arsenic Nothing makes changes to its firm operation arsenic it tries to summation its stock of a smartphone marketplace dominated by giants similar Samsung and Apple. The institution is spinning disconnected its fund CMF brand, and plans to research AI-centric devices portion it keeps gathering smartphones and audio products. And Nothing claims it crossed $1 cardinal successful cumulative gross this year, up 150% from 2024.

The startup is moving to beryllium “IPO-ready” successful 3 years, CEO Carl Pei told TechCrunch successful an email. “The timing volition beryllium connected marketplace conditions and what makes consciousness for the concern astatine that constituent successful time,” helium said.

“What’s important is that we’re already operating with that subject now. We’re gathering the systems, the governance, the fiscal subject that a nationalist institution needs. It forces america to deliberation longer-term and marque smarter decisions that prioritise sustainable growth,” Pei added.

It’s not wide if Nothing aims to rise different circular earlier an IPO. When asked astir its fundraising plans, a Nothing spokesperson said the institution is not reasoning astir raising superior immediately, but it wouldn’t beryllium averse to those conversations.

Those funny successful investing successful the assemblage circular tin usage platforms similar Wefunder and Crowdcube to participate.