Nothing looks to its community to raise $5M, wants to be ‘IPO-ready’ in 3 years

Hardware maker Nothing is allowing its user community to buy company stock as part of a new $5 million community investment round. The round — which opens on December 10 — will let consumers purchase shares at Nothing's Series C valuation of $1.3 billion.

The company says it has raised $8 million so far from more than 8,000 people across two previous community rounds. Nothing held its first community funding event in 2021, aiming to raise $1.5 million.

"This isn't about raising capital, it's about giving our community/fans a chance to invest while we're private and join us on the journey," a Nothing spokesperson told TechCrunch.

Community investors get a rotating seat on the company's board, though it remains unclear what additional benefits they receive for participating in these rounds.

Nothing raised $200 million in its Series C in September from investors including Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry. To date, the company has raised $450 million.

The new community round comes as Nothing restructures its corporate organisation to strengthen its position in a smartphone market still dominated by giants like Apple and Samsung. The company is spinning off its budget CMF brand and plans to explore AI-centric devices while continuing to develop smartphones and audio products. Nothing also claims it surpassed $1 billion in cumulative revenue this year — a 150% increase from 2024.

The startup aims to be "IPO-ready" within the next three years, CEO Carl Pei told TechCrunch via email. "The timing will depend on market conditions and what makes sense for the business at that point in time," he noted.

"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," Pei added.

It's not yet clear whether Nothing plans to raise another venture round before going public. When asked about future fundraising, a company spokesperson said, "The company is currently planning to raise capital, but would be open to discussions."

Individuals interested in joining the community round can invest in platforms such as Wefunder and Crowdcube.