Detroit Venture Partners has gained a fourth general partner, as NBA star Magic Johnson announced this morning that he is ready to invest in the “Detroit 2.0 movement.” The firm’s founders include Quicken Loans founder Dan Gilbert, Josh Linkner and Brian Hermelin. Detroit Venture Partners was established in 2010 to invest in tech startups in Detroit, investments that benefit both the tech world and the city of Detroit. [TechCrunch]

FLUD is a news reader application available on the iPad and iPhone. The company has raised $1 million from Detroit Venture Partners, Ludlow Ventures, and Behance founder Scott Belsky. Detroit Venture Partners is a VC firm founded by Cleveland Cavaliers owner Dan Gilbert and ePrize founder Josh Linkner.

StyleCaster is a website that offers style tips, shopping tips, and has a social network.  StyleCaster raised $4 million in Series A from Quicken Loans owner Dan Gilbert.  Gilbert is a businessman born in Detroit and also founded Rock Financial Corporation.  StyleCast said that they plan to use the funding to expand internationally and grow their ad network.

StyleCaster started in February and receives about 200,000 unique visitors per month.  StyleCaster will soon be launching a fashion website for men.  “StyleCaster has the potential to truly revolutionize the fashion and lifestyle space,” stated StyleCaster CEO and Co-Founder Ari Goldberg. “We are excited to continue our partnership with Dan Gilbert as we build the next generation of intelligent and engaging experiences.”

[via PEHub]