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OnePlus co-founder Carl Pei has completed a $7 million round in seed financing to start a new venture, that will be unveiled early next year.
The Swedish tech entrepreneur has raised the seed investment financing from “friends and private investors” including Tony Fadell (Principal at Future Shape & Inventor of the iPod), Casey Neistat (YouTuber), Kevin Lin (Cofounder 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).
“I am deeply grateful and tremendously excited to have friends of this caliber supporting us in building what’s next,” said Pei. “We plan on moving aggressively against our vision, and can’t wait to see how the market will react.”
“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,” said Buckley.
The funding will be used for setting up a head office in London, hiring of the team, and finance ongoing product research and development efforts.
Pei had announced his departure from OnePlus earlier this 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. He had also played a key role in heading the company’s affordable smartphone brand, OnePlus Nord, which was launched earlier this year.
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