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.