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.