Fitbit, a San Francisco based developer of ultra compact digital health and fitness devices, recently raised $43 million in Private Equity funding, as disclosed in its recent SEC filing. The investment round was led by a group of investors including Qualcomm Ventures, SAP Ventures, and SoftBank Capital along with existing shareholders Foundry Group and True Ventures. The raised funds will be utilized in developing new products and expanding its services globally.
An early 2007 startup, Fitbit has a range of fitness tracking devices such as Fitbit one, Fitbit zip and Fitbit flex. These are wireless wearable sensor devices that automatically tracks data about a person’s activities, such as calories burned, sleep quality, steps and distance. Also, the company provides online and mobile tools to keep the data at one place for easy sharing, comparison and tracking of progress.
Since last year, the company is increasing its foothold in regions such as EMEA and Asia-Pacific along with corporate wellness programs. Also, Fitbits products are now sold at 15,000 U.S. stores.
In past few months, the market of wearable computing devices have really get heated up with giants like Apple and Samsung planning to foray into it. Also, Google is in rumours from a very long time for working with its wearable smart watches, that might incorporate fitness tracking features like Fitbit. As per the reports, by 2017 manufactures are expected to ship almost 56mn fitness monitors, from 44 mn this year.
At present, Fitbit is competing with some major brands such as Jawbone Up, Nike Fuelband, MisFit Shine and Withings Pulse. Jawbone has raised more than $150 million to date in venture round funding. Also, another startup in online healthcare sector tracking diet habits of users via mobile, MyFitnessPal, has recently raised $18 million.
The previous funding rounds for Fitbit includes $2 Mn in Series A(2008), $9 Mn in Series B(2010), $12 million in Series C(2012) and $30 million in private equity funding(2013).
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