Fitbit Raises $43 Million From Qualcomm, SAP, SoftBank, True, and Foundry
Fitbit is a company that has created several digital fitness trackers. Fitbit has raised $43 million in funding, according to an SEC filing found by TechCrunch. Qualcomm Ventures, SAP Ventures, Foundry Group, True Ventures, and SoftBank Capital participated in this round. Fitbit’s most popular devices are the Fitbit One, Fitbit Zip, and Fitbit Flex.
Fitbit has a scale for tracking your weight online and can monitor calorie intake. Fitbit can track your steps, distance, and calories. It can also log your food wherever you are using the Fitbit website and mobile app. Fitbit also recently created a smart-scale gadget called Aria, which lets you follow your progress and long-term trends so that you can stay on track and reach your weight goals.
Fitbit plans to use the funding on releasing new products and to expand globally. Fitbit will be expanding into the EMEA and Asia-Pacific. Fitbit has grown their domestic sales to include over 15,000 retail outlets in the U.S. Fitbit competes against companies like Jawbone, Withings, and Nike.