Companies

CRED founder invests in One-Plus co-founder Carl Pei’s new venture

Hemani Sheth Mumbai | Updated on January 22, 2021

One-Plus co-founder Carl Pei has received seed investment from India with Kunal Shah, Founder, CRED, adding Pei’s London based venture to his portfolio.

The exact investment amount has not been revealed. Pei had announced a new venture back in December 2020. The Swedish entrepreneur had previously raised $7 million in a seed financing round from “friends and private investors” including Tony Fadell (Principal at Future Shape & 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).

The funding was to be used for setting up a head office in London, hiring of the team, and finance ongoing product research and development efforts. The new venture will be officially announced on January 27.

“Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey,” said Shah.

“Kunal is one of the sharpest people I know. I am proud and glad to have him as a friend, advisor and now also an investor,“ said Carl Pei. “We are in advanced stages of our vision and are excited to introduce it to the world soon.”

Pei had announced his departure from OnePlus last year to start his own venture.

“After nearly 7 years at OnePlus, I’ve made the difficult decision to say goodbye,” the OnePlus co-founder had said in a blog post on the OnePlus Community forum.These past years, OnePlus has been my singular focus, and everything else has had to take a backseat. I’m looking forward to taking some time off to decompress and catch up with my family and friends. And then follow my heart on to what’s next,” he had said.

Pei had co-founded OnePlus with CEO Pete Lau in December 2013. He had been instrumental in designing the OnePlus smartphone line-up.

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Published on January 22, 2021
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