OnePlus co-founder raises $7 million funding for new venture

The Swedish tech entrepreneur has raised the $7 million seed financing from "friends and private investors" including Tony Fadell, Casey Neistat.

New Delhi: OnePlus co-founder Carl Pei has raised $7 million (about Rs 51.4 crore) in seed financing to start a new venture that will be unveiled early next year. Pei had co-founded OnePlus, which now ranks among premium smartphone companies, in 2013. He quit OnePlus in October this year.

The Swedish tech entrepreneur has raised the $7 million seed financing from “friends and private investors” including Tony Fadell (Principal at Future Shape and inventor of the iPod), Casey Neistat (YouTuber), Kevin Lin (Co-founder of Twitch), Steve Huffman (CEO of Reddit), Liam Casey (Founder and CEO, PCH), Paddy Cosgrave (Founder of Web Summit) and Josh Buckley (CEO of Product Hunt), a statement said.

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However, details of the new venture were not disclosed.

“I am deeply grateful and tremendously excited to have friends of this calibre supporting us in building what’s next. We plan on moving aggressively against our vision, and can’t wait to see how the market will react,” Pei said.

The seed investment will support the creation of a head office in London, hiring of the team, and finance ongoing product research and development efforts, the statement said.

“Carl spent the last decade making products that millions of people love. He deeply understands what consumers want, and I can’t wait for the world to see what he has in store next,” Josh Buckley, CEO of Product Hunt, said.