Total amount raised
$66 Millions
Latest funding date
Location
Fitbit has successfully raised significant funding over multiple rounds, culminating in its acquisition by Google for $2.1 billion. The company offers a range of wearable devices designed to track daily activities and promote a healthy lifestyle.
Keep reading to explore the intricacies of Fitbit's fundraising journey and the investors backing this innovative platform.
What Is Fitbit?
Fitbit, founded on May 1, 2007, in San Francisco, California, specializes in creating ultra-compact wireless wearable sensors that track daily activities to promote a healthy lifestyle. The company was established by Aatu Nieminen, Eric Friedman, and James Park.
Fitbit's devices monitor various health metrics, including calories burned, sleep quality, steps taken, and distance traveled. This data is wirelessly uploaded to a website where users can track their progress and log additional health information.
Currently, Fitbit employs between 251 and 500 people, continuing to innovate in the field of wearable technology under Google's ownership.
How Much Funding Has Fitbit Raised?
- Series A
- Amount Raised: $2M
- Date: October 2008
- Lead Investors: True Ventures, Uncork Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their first wearable fitness tracker.
- Series B
- Amount Raised: $9M
- Date: September 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and expand market reach.
- Series C
- Amount Raised: $12M
- Date: January 2012
- Lead Investors: Foundry Group, True Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase distribution channels.
- Series D
- Amount Raised: $43M
- Date: August 2013
- Lead Investors: Qualcomm Ventures, Sapphire Ventures, SoftBank Capital
- Valuation at Round: $300M
- Motivation Behind the Round: To release new products and expand global presence, particularly in EMEA and Asia-Pacific regions.
Total Amount Raised: $66M. Current Valuation: $2.1 billion.
Key Investors
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated, focusing on early to late-stage investments in technology companies. They aim to support innovative startups that align with Qualcomm's strategic interests.
- Investment Focus Areas: Mobile technology, wireless communication, AI.
- Notable Investments: Zoom, Waze, Xiaomi.
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. They leverage their extensive network and resources to help companies scale globally.
- Investment Focus Areas: Enterprise software, cloud computing, fintech.
- Notable Investments: Box, LinkedIn, Square.
- SoftBank Capital
- Details: SoftBank Capital is a venture capital firm affiliated with the SoftBank Group, focusing on early and growth-stage technology companies. They provide financial backing and strategic support to help companies grow.
- Investment Focus Areas: Technology, telecommunications, e-commerce.
- Notable Investments: Alibaba, Uber, WeWork.
- Foundry Group
- Details: Foundry Group is a venture capital firm that invests in early-stage information technology, Internet, and software startups. They are known for their hands-on approach and long-term commitment to their portfolio companies.
- Investment Focus Areas: Information technology, Internet, software.
- Notable Investments: Zynga, SendGrid, Fitbit.
- True Ventures
- Details: True Ventures is a venture capital firm that invests in early-stage technology startups. They focus on providing seed and Series A funding to innovative companies.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Peloton, Ring, Automattic.
What's Next for Fitbit?
Fitbit's future looks promising with opportunities to expand into new international markets, particularly in the EMEA and Asia-Pacific regions. The company plans to develop and release new products, increasing its presence in corporate wellness programs and growing domestic sales through more retail outlets. These opportunities are significant, given the high demand for Fitbit products and the company's aggressive expansion plans.
Future fundraising opportunities seem likely as Fitbit continues to attract investment to support its growth and innovation efforts. However, the company faces challenges such as intense competition from established brands and managing supply chain issues to keep up with high demand. Continuous innovation will be crucial for Fitbit to stay ahead of competitors and meet consumer expectations.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Fitbit and gather other critical business insights. Sign up for free today and elevate your sales strategy with the power of detailed, actionable information.
