Hardware maker Nothing is letting its user base buy its stock as part of a new $5 million round of crowdfunding. The new round, which opens on December 10, will allow consumers to buy the company’s shares at the $1.3 billion Series C valuation.
The company said it has so far raised $8 million in total from over 8,000 people in two previous rounds of crowdfunding. It held its first crowdfunding event in 2021, aiming to raise $1.5 million.
“It’s not about raising capital, it’s about giving our community/fans the opportunity to invest while we’re private and come along on the journey,” a Nothing spokesperson told TechCrunch.
Community investors have a rotating seat on the company’s board of directors, but it is unclear what else they gain for investing in the company through such rounds.
Nothing short of raising $200 million in its Series C in September from investors like Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF and Tapestry. The company has raised $450 million to date.
The community round comes as Nothing is making changes to its corporate structure as it tries to increase its share of the smartphone market dominated by giants like Samsung and Apple. The company is spinning off its budget CMF brand and plans to explore AI-centric devices while continuing to make smartphones and audio products. And Nothing claims to surpass $1 billion in cumulative revenue this year, up 150% from 2024.
The startup is working to be “IPO ready” in three years, CEO Carl Pei told TechCrunch in an email. “The timing will depend on market conditions and what makes sense for the business at the time,” he said.
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“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 prioritize sustainable development,” Pei added.
It’s unclear whether Nothing aims to raise another round before an IPO. When asked about its fundraising plans, a spokesperson for Nothing said the company was not looking to raise capital immediately, but would not be opposed to those discussions.
Those interested in investing in the community round can use platforms such as Wefunder and Crowdcube to participate.
