Fitbit builds wearable fitness trackers and related consumer health products that measure steps, calories, sleep quality and other activity metrics. The company recently made its first acquisition, buying digital health and fitness platform FitStar, though financial terms were not disclosed. Fitbit filed an SEC disclosure revealing a new $17.8 million funding round, bringing its total capital raised to just under $84 million. Prior to this round the company had raised $66 million, including a $43 million round in August 2013, and has counted investors such as Qualcomm Ventures, SAP Ventures, SoftBank Capital, Foundry Group and True Ventures. Market data cited in the article show rapid growth in wearables shipments, which the report projects will more than double in 2015—supporting Fitbit’s market opportunity. The company is also mentioned as a possible IPO candidate in the near term. Fitbit makes a range of digital fitness trackers and health devices, including the Fitbit One, Zip, Flex, a smart scale, and online and mobile tools to aggregate activity and nutrition data. The company has been expanding aggressively into EMEA and Asia‑Pac over the past twelve months and has grown U.S. domestic sales to more than 15,000 retail outlets. Fitbit has also gained traction with corporate wellness programs. Demand for the Flex has been high, with the device frequently on backorder. Fitbit confirmed a $43 million financing from Qualcomm Ventures, SAP Ventures, and SoftBank Capital alongside existing shareholders Foundry Group and True Ventures. The company said it will use the funding to release new products and grow its global footprint. Earlier this spring TechCrunch reported Fitbit was seeking $30 million in growth equity at a $300 million valuation; the company instead closed a larger round. Fitbit builds a compact wearable activity tracker (the Fitbit Tracker and its Ultra successor) plus a companion web and mobile platform that aggregates weight, nutrition, exercise, sleep and other health data. The Tracker uses accelerometer technology to capture steps, distance, calories, exercise intensity and sleep quality and can wirelessly upload activity to users' Fitbit accounts. Fitbit also offers a developer API (released last year) that lets third parties read and write Fitbit activity, food logs and other data. At CES the company unveiled Aria, a Wi‑Fi enabled scale that measures weight and body fat and transmits readings to users' Fitbit accounts; Aria is priced at $129.99 and is slated to ship in April. The company sells its products in over 5,000 locations including Target, Best Buy, Brookstone and REI, and the Ultra is now sold in Canada and the UK. Management says the new capital will be used to scale Aria and accelerate hiring of hardware and software engineers, designers, product managers and marketers. Fitbit makes the Fitbit Tracker, a compact wearable that captures steps, distance, calories, activity intensity and sleep quality via an accelerometer and wirelessly uploads data to a companion website. The web platform aggregates users’ weight, nutrition, exercise and sleep data and lets users log additional health information. Fitbit has launched a beta API that lets third-party developers read and write users’ activity, food and sleep data in real time. Partners integrating the API include RunKeeper, Lose It, About.me and Microsoft HealthVault; Fitbit previously announced an integration with Google Health. The company recently raised $9 million in new funding led by The Foundry Group, bringing total funding to $11 million. Fitbit plans to use the funding for new product development and to expand sales channels; its trackers are available at BestBuy, REI and 24HourFitness, and the company is rolling out an affiliate program for partners. Fitbit is a fitness-technology startup and TechCrunch 50 finalist whose core products are the Fitbit Tracker and a web-based fitness data aggregation service that tracks weight, nutrition, exercise schedules and other health data. The company recently filed an SEC Form D showing an $8 million raise reported as part of a Series B that the filing indicates could top out at $9 million. The filing also notes that Brad Feld of The Foundry is joining Fitbit’s board as part of the financing, though it gives no details on The Foundry’s level of involvement. Prior to this, Fitbit raised $2 million in a Series A led by True Ventures in October 2008. The article states there have been no major milestones since that Series A. No operating metrics (revenue or users) were disclosed in the article.

Total raised

$92M

Funding rounds

6

Latest round

Equity

Latest activity

Mar 2015