Nothing (Electronics)

London, United Kingdom Consumer Electronics Private

Nothing is a British consumer electronics company that designs and manufactures smartphones, audio products (earbuds, headphones), and wearables. Founded by Carl Pei (co-founder of OnePlus) and co-founders Akis Evangelidis, David Sanmartín García, Steven Gao, and Levi Li, Nothing positions itself as a design-focused challenger brand. The company released its first product, Ear (1) wireless earbuds, in July 2021, followed by the Phone (1) smartphone in 2022. Notable products include the Nothing Phone series (currently at Phone 4a as of March 2026) and Ear audio products. In 2024, Nothing recorded approximately $500 million in revenue with 150% year-on-year growth and shipped approximately 7 million devices globally. As of 2025, Nothing is the fastest growing smartphone brand in India with 567% YoY growth, though contributing less than 1% to global smartphone volumes with over 70% of sales from India. The company raised $200 million in Series C funding in September 2025 at a $1.3 billion valuation.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2020

Employees

26,000–29,000

Total Funding

$443M

7 rounds

Latest Valuation

$1.3B

December 17, 2025

Funding

Total raised $443M across 7 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Series C

Date

September 15, 2025

Amount

$200M

Valuation

$1.3B

Lead Investors

Tiger Global
DateRoundAmount RaisedValuationLead Investors
December 17, 2025 Crowdfunding $5M Crowdfunding
September 15, 2025 Series C $200M $1.3B Tiger Global
June 28, 2023 Series B extension $96M Highland Europe

Funding by Round

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Valuation Trajectory

Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.

If you invested at:
1x 2x 5x 2023 2024 2025 Nothing (Electronics)

Entry · Series B

$0.2B

Mar 2022

Nothing (Electronics) today

$1.3B

Sep 2025 · latest mark

Nothing (Electronics) multiple

6.5x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Leadership

  • Carl Pei

    Founder & Chief Executive Officer

    LinkedIn
  • Akis Evangelidis

    Co-Founder & President

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • OnePlus

    Chinese smartphone manufacturer founded by former OnePlus co-founder Pete Lau. Directly competes with Nothing in mid-range smartphone segment with clean software experience.

  • Samsung

    South Korean multinational electronics company. Competes across all Nothing product categories (smartphones, audio) with extensive market presence.

  • Apple

    US technology company competing in premium smartphones and audio products (iPhone, AirPods).

  • Motorola

    US smartphone manufacturer now owned by Lenovo. Competes in the mid-to-premium smartphone segment.

  • Google

    US technology company competing with Pixel smartphone line and audio products.

  • Xiaomi

    Chinese electronics company competing in smartphones and audio products with aggressive pricing.

Nothing (Electronics) Investment FAQ

Public status and buying access

No. Nothing (Electronics) is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Nothing (Electronics) shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Nothing (Electronics) will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Nothing (Electronics) shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Nothing (Electronics) shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $1.3B as of December 17, 2025. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Nothing (Electronics) was most recently valued at approximately $1.3B as of December 17, 2025. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Nothing (Electronics)'s valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Nothing (Electronics)'s valuation moved from approximately $200M as of March 9, 2022 to approximately $1.3B as of September 15, 2025. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Nothing (Electronics)'s latest disclosed funding round was a Crowdfunding round in December 17, 2025. The round raised approximately $5M, with Crowdfunding listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete.

Nothing (Electronics) has raised approximately $443M in disclosed funding across 7 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Nothing (Electronics)'s funding history alongside private-market activity where available.

Nothing (Electronics)'s disclosed investors include Crowdfunding, Tiger Global, Highland Europe, EQT Ventures, C Ventures, Strategic and private investors and GV. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Nothing (Electronics)'s funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Nothing (Electronics)'s most-cited competitors include OnePlus, Samsung, Apple, Motorola, Google and Xiaomi. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Nothing (Electronics) shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Nothing (Electronics) employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Nothing (Electronics) secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Nothing (Electronics) through a share transfer notice or similar process. If Nothing (Electronics) or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Nothing (Electronics) shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Nothing (Electronics) shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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