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London-headquartered smartphone company Nothing has secured $96 million in a fundraising round led by Highland Europe.

The funding round, which saw participation from existing investors including GV (Google Ventures), EQT Ventures, C Capital, and the music group Swedish House Mafia, brings Nothing’s total funding to $250 million.

With the influx of fresh capital, Nothing aims to scale its product range and invest in technological advancements. The investment coincides with the company’s achievement of selling over 1.5 million products to date.

“In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide,” said Nothing CEO and Co-founder Carl Pei, who also co-founded Shenzen-based smartphone maker OnePlus.

“It’s clear that there’s a real demand for an innovative challenger in the consumer tech industry, and with this new round of financing, we’ve never been better positioned to realize our vision to make tech fun again,” he added.

Looking ahead, Nothing is set to launch its eagerly anticipated Phone (2) on July 11. It is expected to have a reduced carbon footprint compared to its predecessor, thanks to the company’s ongoing sustainability efforts in using recycled metal and plastics.

“We are thrilled to be partnering with Carl and his team, who share our vision of bridging technology with the younger generation,” said Tony Zappalà, Partner at Highland Europe.

Highland Europe is a London-based venture capital firm that invests in rapidly growing European internet, mobile, and software companies with over €10 million in annualised revenues. Highland Europe recently launched a €1 billion fund to back European-rooted, growth-stage software and consumer internet companies.

“We firmly believe that Nothing has something truly distinctive to offer, coupled with an exceptional team. We are enthusiastic about supporting Nothing as they take on the consumer tech giants and challenge the prevailing norms,” he added

Nothing Technology Limited, stylised as NOTHING, is a consumer electronics manufacturer that produces smartphones, earphones, and other tech products. Nothing’s first product “ear (1)” was launched on July 27, 2021. The company also announced its first smartphone, the Phone (1) on March 23, 2022.

The company said it actively seeks consumer insights through community feedback programmes and has conducted two community financing rounds, attracting over 8,000 private investors.