Meet Lee Fixel: Low-Key Investor Who Turned Bets On Flipkart And Peloton Into Billions —And Has A $1.3 Billion Fund To Do It Again

investor is breaking his silence. Fixel has raised $1.3 billion for a new multi-stage venture capital firm called Addition, the investor toldon Wednesday. Addition will invest one-third in early-stage startups and two-thirds in growth-stage opportunities, according to two investors in the fund who asked to remain anonymous because they don’t comment on individual holdings.

only about his philanthropy. But from interviews with a number of founders he’s backed as well as limited partners in his new fund and peers elsewhere in the venture industry,Fixel himself declined an interview request for the look inside his fund. But in a statement, Fixel confirmed the closing of his new fund.

Fixel has already hired a team of more than a dozen for Addition, including three investment principals, mostly from Wall Street backgrounds, as well as a head of data science who previously spent three years working in that field at Uber. Since the fall, they’ve made investments, first from Fixel’s own personal holdings until Fixel set out to formally raise Addition in May.

Fixel is known for chasing deals himself, from India — where he backed Flipkart, acquired by Walmart, and unicorn Freshworks, among others — to Columbus, Ohio, where he showed up to pitch Root Insurance CEO Alex Timm on a deal. A signature of Fixel’s startup courtship: lots of upfront research, like with Freshworks, where CEO Girish Mathrubootham says Fixel showed up in Chennai for a meeting, then surveyed his first 200 customers and provided the findings back to the startup.

Fixel’s fans extend beyond his founders. At Benchmark, famed – and outspoken – investor Bill Gurley says Fixel’s earned that reputation by succeeding with Shleifer in China, then in India, in New York’s then-nascent tech ecosystem with Peloton, all while moving up into earlier stage deals as he gained experience. “He’s not afraid to speak up and offer a strong point of view,” Gurley says.

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