Former Tiger Global executive Lee Fixel’s new venture capital firm ‘Addition’ has led a $35 million funding round in news media startup Inshorts. SIG Global and Tanglin Venture Partners also participated in the funding round.
Inshorts is a Noida-based firm which publishes 60-word summaries on major news stories in the form of virtual placards, will utilize the fresh proceeds to push its newly launched location-based social network app – Public.
Since its launch in January 2020, Public has garnered over 60 million downloads across Android and iOS, according to data sourced from Sensor Tower. Public enables people in top tier cities to record and share happenings around them and provide real-time local updates.
Addition was launched in September 2019 in the US.
Azhar Iqubal, Founder & CEO, Public App, “We are thrilled to have this support from Addition, SIG Global and Tanglin Venture Partners in our journey towards building the world’s largest location based social network.”
While Inshorts is the first investment by the Fixel-owned investment firm in India, he had made over 40 investments in startups including Peloton, Spotify, SurveyMonkey, and Tencent Music, among others during his stint at New York-based hedge firm.