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Summary:

San Francisco-based fitness tracking startup Fitbit has raised $43 million in a Series D round of funding led by Softbank Capital.

fitbit flex wristband connected device
photo: courtesy fitbit

Fitness tracking startup Fitbit has nabbed another $43 million in venture funding.

The Series D round, which follows $23 million previously raised, was led by Softbank Capital and included new investors Qualcomm Ventures and SAP Ventures, as well as existing funders including Foundry Group and True Ventures (see disclosure).

The startup, which launched in 2007, is the maker of several popular activity tracking devices, including the Fitbit One and the Fitbit Flex. With the new funding, the San Francisco-based company said it plans to focus on hiring and expanding its global business.

The round comes amid rising competition in wearable technology. Not only does Fitbit face challenges from dedicated tracking gadgets like the Nike Fuelband, Jawbone Up and Misfit Shine, newer smartwatches — and probably future ones like the expected iWatch from Apple — also track user activity and progress toward fitness goals. In the last few months, the space has seen plenty of action, including Jawbone’s acquisition of Body Media and a $30 million raise by Withings, which makes a smart scale and the Pulse activity tracker.

The company said that its products are carried in 15,000 U.S. retail stores and that, in the last 12 months, it’s expanded its expanded its footprint into Europe and Asia.

Disclosure: Fitbit is backed by True Ventures, a venture capital firm that is an investor in the parent company of this blog, Giga Omni Media. Om Malik, founder of Giga Omni Media, is also a venture partner at True.

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  1. Décébal Hormuz Tuesday, August 13, 2013

    For those who didn’t get a chance to buy the Fitbit Flex yet, here is a 3D preview of it on Sketchfab:

    https://sketchfab.com/show/rtKMNxtTBPh5dA70gdt81nxipgx

  2. Good news for FitBit, hope this will also allow company to invest in strong product roadmap. Activity Tracker segment is getting extremely competitive.
    Major innovation is required to gain solid advantage or risk is high to lose leadership against coming iWatch and Samsung Gear Smartwatch ?
    Trackers should become multi-purpose (not only pedometers) and smarter (better apps required to support various user needs).
    Will FitBit move also more into Health direction (like iHealth, Withings) ?
    We keep watching the latest innovations and believe Wearable Technology and Quantified Self are just at the start …

  3. We have collected already a lot of proposal for FitBit to consider to spend the $43M raised.

    How do you suggest Fitbit invests their money to keep leading the game ?

    Collected opinions have been summarized in Wearable Technology forum:
    http://red-dolphin.com/forums/topic/fitbit-one/#post-2713

  4. Emotiv Insight Saturday, August 17, 2013

    Devices that help track physical health are gaining momentum, but a missing element up until now are devices that monitor and track cognitive health & fitness. Check out the latest in brainwear from Emotiv: http://www.kickstarter.com/projects/tanttle/emotiv-insight-optimize-your-brain-fitness-and-per

  5. Giulio Coraggio Tuesday, September 17, 2013

    Interesting article, I believe that also the privacy related issues might be relevant, these are outlined in this post (http://www.gamingtechlaw.com/2013/09/top-fashion-legal-topics-1-wearable.html).

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