Lee Fixel already raises a second massive fund
Friday, former investor in Tiger Global Management Lee fixel registered plans for the second fund of his new investment company, Addition, just four months after the first one closed. According to a report friday According to the Financial Times, the company spent the last week finalizing fundraising for the $ 1.4 billion fund, which Addition doesn’t plan to start investing until next year.
Now, a source close to the company says that the capital has do not been high. Perhaps this is good news for investors who have been excluded The addition $ 1.3 billion seed fund and who could hope to write a check this time around.
The mere fact that Fixel is back on the market already has the language of the trader, whose reluctance to speak officially with the media only adds to its mystique. Forbes published a long piece about Fixel this summer, in which Fixel appears to have provided only one public statement, confirming the closure of Addition’s first fund and adding nothing else. “We are delighted to partner with visionary entrepreneurs and, thanks to the duration of our 15-year fund, we have the patience to support our portfolio companies on their journey to building impactful and sustainable businesses,” reads -we.
According to Forbes, this first fund – which Fixel is actively implementing right now – intends to invest a third of its capital in start-ups and two-thirds in growth-phase opportunities.
It is not yet clear whether this includes some of the Special Purpose Acquisition Vehicles, or SPACs, which meet right and left, although one imagines they might appeal to Fixel, who has long seemed to be at the forefront of new trends having an impact on growth-phase companies in particular. (A growing number of PSPCs are currently seeking to transform some of the several hundred highly regarded private companies around the world.)
It’s clearer that Addition wastes little time writing big checks. Among its announced agreements, there are In shorts, a popular seven-year-old New Delhi, India-based news aggregator app that was unveiled last week $ 35 million new financing led by Fixel.
The deal represents Addition’s first bet based in India, even though Fixel knows the country and the startup well. He previously invested in Inshorts on behalf of Tiger; he is also credited with taking a large stake in Flipkart on behalf of Tiger, a move that would have produced $ 3.5 billion in profits when Flipkart sold to Walmart.
The addition also led a $ 200 million round last month in Snyk, a five-year-old London start-up that helps businesses use open source code securely. The round valued the company at $ 2.6 billion – more than double the valuation it was awarded when its previous round was lifted 10 months ago.
And in August, Addition conducted a $ 110 million Series D for Lyra Health, a five-year-old Burlingame, Calif., Mental health care provider founded by former Facebook CFO David Ebersman.
A small check went to Temporal, a one-year-old Seattle-based startup that is building a stateful open-source microservices orchestration platform. Last week the company announced $ 18.75 million in Series A financing led by Sequoia Capital, but Addition also joined the cycle, having been a previous investor in the company.
According to PitchBook data, Addition made at least 17 investments absolutely.
Fixel – whose bets at Tiger include Peloton and Spotify – does not manage Addition on his own, although, according to Forbes, he is the only “key man” the firm revolves around, as well as the biggest investor in Addition. first fund.
He also recruited at least three Wall Street investment directors and a data science executive who previously worked for Uber (according to Forbes). Ward Breeze, a longtime lawyer who previously worked in Gunderson Dettmer’s emerging business practice, also works with Fixel at Addition.
(Correction: An earlier version of this story reported that Fixel’s last fund had already been raised, according to the FT.)