OnePlus Looking To Raise Funds From Silicon Valley VCs

Chinese smartphone manufacturer OnePlus is in talks with Silicon Valley VCs to raise capital in order to double its workforce and boost manufacturing output.
OnePlus One
The company which was started in 2013 with six employees, is now looking to boost its staff to 1,500 this year, and increase shipments 10-fold by next year.
OnePlus plans to launch two smartphones this year – a flagship killer just like last year, and another cheaper model. The company hopes to better take on competition from rivals Xiaomi, Huawei and Lenovo.
Carl Pie, CEO of OnePlus, said that the company currently lacks the experience to grow further, which is why he’s actually in talks with VCs in Silicon Valley. The most important part according to him is the need for experienced and senior level talent, which will help OnePlus scale further.
Pie declined to reveal an estimate of the value of funding OnePlus was looking to raise. The company sold 1 million smartphones in 2014, and aims to sell between 3-5 million devices this year. In 2016, the aim is to take that number up to 10 million.

Add comment

NextBigWhat brings you curated insights and wisdom on product and growth from the wild web.

Over 2 million people receive our weekly curated insights.

Newsletter

Newsletter