Nothing opens up for its community to invest

New Delhi, Feb 16 (SocialNews.XYZ) Nothing Technologies, the newly launched venture of OnePlus co-founder Carl Pei on Tuesday announced that it will open up for its community to invest in the company through a community equity funding round.

Nothing will allow its community to invest a total of $1.5 million at the same valuation as their Series A funding with GV (formerly Google Ventures).

"We want our community to be part of our journey from the very start and play an active role in it. As part of this process, we'll also be electing a community member to our board of directors, so that we're always kept in check, and reminded of what users want," Pei said in a statement.

Following this community funding round, investors will have access to Nothing's private community through which they will get exclusive benefits and insights into the company.

According to the company, it is also planning to elect a community board member to represent and to be the voice of the community in board meetings.

Pre-registrations to the financing will open on February 16 and the campaign will go live on March 2.

Earlier, the firm acquired smartphone brand Essential that shut shop last year.

According to a report in 9to5Google, the Essential brand which was launched by Android co-founder Andy Rubin but did not succeed and the company was closed last year, is now officially owned by Pei's Nothing Technologies.

London-based Nothing has so far raised over $22 million. In December, the company raised $7 million in seed financing December that included tech leaders and investors such as Tony Fadell, Casey Neistat, Kevin Lin, Steve Huffman and Josh Buckley.

Source: IANS