Hardware startup Nothing is breaking new ground in startup funding by opening its Series C valuation to everyday consumers. The company launches a $5 million community investment round December 10, letting fans buy shares at the same $1.3 billion valuation that attracted Tiger Global and other institutional investors just months ago.
Nothing just democratized startup investing in a way that would make traditional VCs nervous. The London-based hardware maker opens its third community funding round December 10, offering everyday consumers the chance to buy shares at its institutional Series C valuation of $1.3 billion.
This isn't desperation funding - it's strategic community building. Nothing already raised $200 million from heavyweight investors including Tiger Global, GV, Highland Europe, and EQT back in September. The company has pulled in $450 million total across all rounds, making this $5 million community raise less than 2% of its war chest.
"This isn't about raising capital, it's about giving our community a chance to invest while we're private and join us on the journey," a Nothing spokesperson told TechCrunch. The company has already proven the model works - previous community rounds raised $8 million from over 8,000 people, starting with a $1.5 million round in 2021.
CEO Carl Pei is building toward something bigger than just another hardware company. The OnePlus co-founder told TechCrunch that Nothing is working to be "IPO-ready" within three years, though timing will depend on market conditions. "We're building the systems, the governance, the financial discipline that a public company needs," Pei explained.
The numbers back up that ambition. Nothing claims it crossed $1 billion in cumulative revenue this year, representing 150% growth from 2024. That trajectory puts the company in rarefied air for hardware startups, especially one competing against smartphone giants like Samsung and Apple.
But Pei isn't just playing catch-up in smartphones. Nothing is spinning off its budget CMF brand and exploring AI-centric devices while continuing to build phones and audio products. It's a portfolio approach that mirrors how Apple expanded beyond computers or how Samsung leverages its component business.
The community investment structure offers more than just ownership stakes. Community investors get a rotating seat on Nothing's board, though the company hasn't detailed other perks. Platforms like and will handle the mechanics.
