Cred founder Kunal Shah has invested in Swedish entrepreneur Carl Pei’s new venture, said a statement.
The venture will be officially announced on January 27.
“Pei is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry,” said Shah.
Pei has already raised $7 million in seed financing for his new venture from friends and private investors including Tony Fadell (principal at Future Shape and inventor of iPod), Casey Neistat (YouTuber), and Kevin Lin (cofounder of Twitch).
Others include Steve Huffman (CEO of Reddit), Liam Casey (founder and CEO of PCH), Paddy Cosgrave (founder of Web Summit) and Josh Buckley (CEO of Product Hunt).
“Shah is one of the sharpest people I know. I am proud and glad to have him as a friend, adviser and now also as an investor. We are in an advanced stage of our vision and are excited to introduce it to the world soon,” said Pei.
Shah has invested in multiple sectors through his career.
Pei is a Swedish tech entrepreneur who co-founded OnePlus, a major smartphone manufacturer in 2013 at the age of 24.
Shah, cofounder of FreeCharge, set up Cred in 2018.
He has been an adviser to the board of Bennett Coleman & Co. Ltd., the chairman of the Internet and Mobile Association of India, and an adviser to Y-Combinator and Sequoia Capital India.