New Delhi, Apr 4 (IANS): London-based consumer tech company Nothing on Monday said that that its $10 million equity-based community investment round has been oversubscribed by more than seven times and more than $70 million has already been pre-registered on nothing.tech.

The company said the shares will be allotted on a first-come, first-serve basis at the same valuation as its Series B funding.

Nothing had raised $70 million in its Series B funding, co-led by EQT Ventures and C Ventures.

The company's first community investment round closed in less than a minute after fulfilling $1.5 million allocation in a record-breaking 54 seconds.

"This year, we increased the allocation to $10 million as part of our community investment," said the company.

Nothing has confirmed plans to launch its first smartphone -- Nothing phone (1) – later this year that will be powered by Qualcomm's Snapdragon mobile platform.

Nothing phone (1) with indigenous operating system (OS) will be the company's first smartphone and a second device in the overall product ecosystem of the brand.

"Having raised $144 million, built a team of over 300 people and secured support from trusted partners like Qualcomm Technologies, Inc, we are ready for the phone (1) to mark the start of change for the sleepy smartphone market," said Carl Pei, Nothing CEO and Co-founder.

"We are also doing a new $10 million round of community investment so that our supporters get the chance to be part of our journey going head to head against the giants of the industry," Pei had said in a statement.