Consumer electronics startup Nothing raises £146.6m led by Tiger Global with GV
This article covers a Series C round on 16 September 2025 for Nothing, a consumer electronics startup founded by Carl Pei. It raised £146.6m in a round led by Tiger Global, with participation from GV.
What does Nothing do?
A lineup of consumer electronics comprising smartphones, watches and audio devices with transparent design and glowing LED back panels. They provide mobile communication, health monitoring and audio playback for everyday connected use.
Why is Nothing useful?
Problem
Many consumers face a shortage of well‑designed devices built for a more connected lifestyle. Existing products often prioritise sameness over clear, user‑friendly design across phones, watches and audio.
Solution
Nothing offers design‑focused phones, watches and audio products that prioritise clarity and user‑friendly features. The company tailors hardware and interfaces for the coming era of connected technology.
How much did Nothing raise?
Nothing has raised £146.6m ($200m) in a Series C led by Tiger Global, alongside strategic investor Qualcomm Ventures, taking its valuation to £952.9m ($1.3bn).
Who invested in Nothing?
The key investors include the following backers and strategic partners.
- Tiger Global: US-based investment firm known for backing fast-growing technology companies around the world.
- GV: The venture arm of Alphabet, renowned for investing across both early-stage and growth-stage technology startups globally.
- Highland Europe: A London-headquartered growth investor that focuses on European consumer and software businesses.
- EQT: A European private equity group with a reputation for scaling companies across technology and services sectors.
- Latitude: Growth investor concentrating on consumer-facing technology and marketplace businesses across Europe and emerging markets.
- I2BF: A venture firm targeting deeptech and hardware startups, bringing specialist knowledge of hard-tech commercialisation.
- Tapestry: Investment firm focused on backing early-stage consumer brands and product-led startups.
- Qualcomm Ventures: The corporate venture arm of Qualcomm, strategically investing in mobile, connectivity and adjacent hardware technologies.
- Nikhil Kamath: Angel investor with a background in fintech and brokerage, best known as a co-founder of Zerodha.
If you're researching potential backers in this space:
- Explore our list of hardware venture capital firms in the UK
- Browse our directory of hardware angel investors in the UK
Who founded Nothing?
Carl Pei is the founder of Nothing.
Where is Nothing based?
Nothing is based in London, UK.
What sector is Nothing in?
Nothing operates in the consumer electronics sector. This sector makes devices like phones, watches and audio gadgets. These are everyday products people use for communication, entertainment and health.
Key trends and challenges in consumer electronics:
Device convergence and platform competition
Products are merging into ecosystems, from phones to watches and AR glasses, for example Apple Watch and AirPods.
Design and user experience as market differentiators
Distinctive design and software often decide buyers, for example premium headphones or fashion forward phones.
Scaling, supply chains and regional market concentration
Manufacturing is concentrated in Asia, creating risks and regional sales imbalances, for example reliance on China.
For a deeper look at innovation in this space, see the hardware startups in the UK.
They've invested in Nothing
Get to know these hardware investors
| Investors | Investment Focus | Startup Investments | Round Size | Connect |
|---|---|---|---|---|
 Tiger Global( ) NYC, US  | ||||
 Google Ventures( ) GV (Google Ventures), established in 2009, invests in technology-driven companie... London  | ||||
 Highland Capital Partners( ) The website does not provide sufficient details regarding the investment focus, ... London | ||||
 EQT Life Sciences( ) | ||||
 Latitude( ) | ||||
 I2BF Global Ventures( ) NYC, US | ||||
 Tapestry VC( ) This venture capital firm specialises in seed and early investments across Europ... San Francisco, US | ||||
 Qualcomm Ventures( ) San Diego, US | ||||
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