Consumer electronics startup Nothing has launched a $5m crowdfunding round, months after raising $200m at a $1.3bn valuation.
Founded in 2020, Nothing makes smartphones, smartwatches and headphones, as well as the operating systems that power them. Since launching, the company has shipped millions of devices and crossed $1bn in sales at the start of the year.
On Wednesday, the company announced plans for a crowdfunding campaign via Wefunder and Crowdcube, with early access from December 10 and full public access the following day.
Nothing has raised over $450m from investors including Tiger Global, GV and EQT, alongside around 8,000 community investors, who between them have contributed $8m.
In a statement, founder and CEO Carl Pei said the company was working towards being IPO-ready within three years.
“The timing will depend on market conditions and what makes sense for the business at that point in time,” he said.
“What’s important is that we're already operating with that discipline now. We're building the systems, the governance, the financial discipline that a public company needs. It forces us to think longer-term and make smarter decisions that prioritise sustainable growth.”
Described as an “Apple competitor”, CEO Carl Pei said in a recent appearance on the Sifted podcast his company stood a chance at taking on the iPhone-maker.
“What I do know is that no company survives forever; there's always a beginning and an end, and sometimes change happens faster than we can imagine.”
