Consumer tech developer Nothing locked up a $96 million funding round just about two weeks ahead of its new smartphone launch.

The new round was led by Highland Europe, with participation from existing investors GV, EQT Ventures and C Capital. Music group Swedish House Mafia also participated.

Nothing, founded in 2020, launched its Phone (1) product last year. Even amid declining cell phone sales, the product sold out and never made the U.S. Its new Phone (2) — set for a July 11 launch — will make the U.S. market and is highly anticipated.

“In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide,” co-founder and CEO Carl Pei said in a release. “It’s clear that there’s real demand for an innovative challenger in the consumer tech industry, and with this new round of financing, we’ve never been better positioned to realize our vision to make tech fun again.”

Growing fast

The London-based startup is not small by any means, with more than 450 people across seven offices worldwide. The company made $200 million in revenues in 2022 and is on pace to exceed that this year, TechCrunch reports.

Aside from its phones, the company also has released earbuds and a sound stick. The company has sold more than 1.5 million devices, per the report.

Part of the company’s fast success is undoubtedly due to its engagements with its customers. It has raised nearly $14 million in crowdfunding and attracted more than 8,000 investors in those rounds.

Nothing also has ongoing sustainability initiatives and promises its new phone will have a lower carbon footprint than the first iteration.

Founded in 2020, the company has raised more than $250 million to date, per the company.

Illustration: Dom Guzman