The Swedish tech entrepreneur said on Wednesday he had secured $7 million in Seed financing round from friends and private investors including Tony Fadell (Principal at Future Shape and inventor of the iPod), well known YouTuber Casey Neistat, Kevin Lin (co-founder of Twitch), Steve Huffman (chief executive of Reddit), Liam Casey (founder and chief executive of PCH), Paddy Cosgrave (founder of Web Summit) and Josh Buckley (chief executive of Product Hunt).
Pei remains tight lipped on what this new venture would be about, or what it is even called. He said he would talk more about the new venture early next year. A source familiar with the matter told TechCrunch that the venture will focus on audio-related hardware — at least to begin with. Pei said he plans to use the fresh capital to set up an office in London, hire talent and fund product research and development.
“I am deeply grateful and tremendously excited to have friends of this caliber supporting us in building what’s next,” said Carl Pei in a statement. “We plan on moving aggressively against our vision, and can’t wait to see how the market will react.”
Pei, who served as the public face of the Chinese smartphone maker OnePlus for years, surprised many when he announced in October that he would be leaving the company. He played an instrumental role in designing the OnePlus smartphone lineup over the years, and also how the company marketed them and itself.
“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 Josh Buckley, chief executive of Product Hunt, in a statement.