Type of Investing: Venture Capital
Managing Partner, Addition
History
- Started out in Alkeon Capital, a New York tech-focused tech fund. Then went to Tiger Global where he was Partner and head of Tiger Global's PE Division.
- Tiger Global is a $36 billion fund with both public and private equity arms
- Recently raised $3.75 billion venture fund
- Known for later stage investments before the company goes public.
- Investments in Stripe, Peloton, Spotify, Flipkart and a late stage investment in Facebook
- Left Tiger Global in March 2019 to launch his own investment shop called Addition, a $1.3 billion fund. Recently raised second fund for Addition at $1.4 billion. The fund has a duration of 15 years.
- Tired of the decision-making process at Tiger, where multiple partners had to approve each deal
- One-third of capital for early-stage investments, the rest goes to growth-stage deals
- Expects to deploy the $1.3 billion within 18 to 24 months
Investing Style
- Has invested across the United States, India, and Brazil.
- Fixel does "lots of upfront research, like with Freshworks, where Fixel showed up in Chennai for a meeting, then surveyed his first 200 customers and provided the findings back to the startup."
- Shopped around at Peloton stores pretending to be a customer before investing
- Not a very activist VC. Expects entrepreneurs to focus on the details and go to him for high level strategy.
- Low profile: no interviews or Tweets.
"I interviewed your customers, your employees, your ex-employees, your competitors. And we want to talk about why margins in San Diego in Q3 of last year were off." -Lee Fixel to Redfin CEO Glenn Kelman
Recent Deals
Snyk - $200 million round in London-based startup that helps companies securely use open-source code.
Lyra Health - $110 million round in a California-based provider of mental health care benefits for employers.
Inshorts - $35 million round in New Delhi, India-based popular news aggregation app