Serial entrepreneur Kunal Shah is backing the new venture of Carl Pei, the Swedish tech entrepreneur and co-founder of smartphone company OnePlus. Pei has received seed investment from Shah, who has added the London based venture into his portfolio. Pei is working on a stealth project that he plans to unveil this month.
“Kunal (Shah) 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 already raised $7 million in a seed financing round for his new venture 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). The other investors include Steve Huffman (CEO of Reddit), Liam Casey (founder and CEO, PCH), Paddy Cosgrave (founder of Web Summit) and Josh Buckley (CEO of Product Hunt).
“Carl (Pei) is working on a new consumer electronics company that I am sure will be a disruptor in the tech-industry,” said Shah, who is also the founder of fintech firm CRED. “I am excited to be part of this journey.”
Shah has invested in multiple sectors through his career and this investment is in his personal capacity.
CRED is Shah’s second venture after he sold online recharge platform Freecharge to e-commerce company Snapdeal in 2015 for $400 million. This month CRED, an app that allows users to pay their credit card bills and gives rewards in return, has raised $81 million in its Series C round at a post-money valuation of $806 million. Existing CRED investor Israeli-Russian billionaire Yuri Milner’s investment fund DST Global led the round, along with Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst and other investors.