Published on January 24th, 2012 | by Tod Whipple1
Fitbit Closes $12M in funding
Fitbit Closes $12M in Series C Funding Led by Foundry Group and True Ventures Funding to Accelerate Market Leadership in Fast-Growing Digital Health and Fitness Device Industry. The company release a press release this morning regarding the third round of funding.
Fitbit, the market leader in the digital health and fitness device category and maker of the popular Fitbit Ultra Wireless Activity and Sleep Tracker, today announced it raised $12 Million in Series C funding from existing investors: Foundry Group, True Ventures, SoftTech VC and Felicis Ventures. The capital will be used to further accelerate the company’s strong growth trajectory. In the last 6 months, Fitbit has launched the Fitbit Ultra, expanded its retail and international distribution and introduced Aria, its new Wi-Fi Smart Scale.
The funding marks a pivotal point for the company. “We’ve moved beyond being a single product company and are creating incredible digital health products and experiences. This funding will help us accelerate the hiring of the best hardware and software engineers, designers, product managers and marketers,” said James Park, CEO and co-founder of Fitbit. “This is the perfect time for passionate and smart people to join us as we create devices and services that improve the health of millions.”
“The digital health and fitness device category requires a deep understanding of consumer needs, an unquestionable ability to deliver a successful product and technical expertise built from years of experience in the industry,” said Brad Feld, Managing Director at Foundry Group. “Fitbit has demonstrated these traits while building and launching several successful digital health products and services and is clearly the leading company to grow this category to its full potential.”
Founded in 2007 in San Francisco, CA, Fitbit is dedicated to delivering simple, innovative health and fitness products and services that help people lead healthier, active lives by giving them the tools to become more aware, motivated and fit every day. Fitbit’s Ultra Wireless Activity + Sleep Tracker is the leading wireless fitness tracker on the market, with distribution at leading national retailers such as Amazon.com, Best Buy, Brookstone, Radio Shack, REI and Target. Fitbit is funded by the Foundry Group, True Ventures, SoftTech VC and Felicis Ventures. For more information, please visit www.fitbit.com or connect with us on Facebook or Twitter. To join the Fitbit team, please visit www.fitbit.com/jobs, to apply.