Hardware maker Nothing is letting its userbase buy its stock as part of a new $5 million community investment round. The new round, which begins Dec. 10, will allow consumers to buy shares in the company at a Series C valuation of $1.3 billion.
The company announced that it has raised a total of $8 million from more than 8,000 people in the past two community investment rounds. We held our first community funding event in 2021, aiming to raise $1.5 million.
“This isn’t about raising money, it’s about giving our community and fans the opportunity to invest and be part of our journey while we’re private,” a Nothing spokesperson told TechCrunch.
Community investors have rotating seats on the company’s board, but it’s unclear what else they stand to gain by investing in the company through these rounds.
No other company raised $200 million in Series C in September from investors including Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry. The company has raised $450 million to date.
The community round comes as Nothing makes changes to its corporate structure as it looks to expand its share of the smartphone market, which is dominated by giants like Samsung and Apple. The company is spinning off its low-cost CMF brand and plans to explore AI-centric devices while continuing to develop smartphones and audio products. And there is nothing to claim that this year’s cumulative revenue exceeds $1 billion, an increase of 150% from 2024.
CEO Karl Pei told TechCrunch in an email that the startup is working to be “IPO ready” within three years. “Timing will depend on market conditions and what makes sense for the business at the time,” he said.
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“The important thing is that we are already operating with that discipline now. We are building the systems, governance and financial discipline that a public company needs. So we need to think long-term and make smart decisions that prioritize sustainable growth,” Pei added.
It’s unclear whether Nothing aims to raise further rounds before its IPO. Asked about its fundraising plans, a Nothing spokesperson said the company is not looking to raise money right away, but would not be open to such discussions.
Those interested in investing in community rounds can participate using platforms such as Wefunder and Crowdcube.
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