Recently Launched Fitbit Closes $2M in Venture Capital Funding
True Ventures Leads Financing Round of Health and Wellness Technology Company
SAN FRANCISCO--(BUSINESS WIRE)--Fitbit Inc., a new company devoted to making America healthier through motivation and awareness, today announced that it has raised $2 million in financing. True Ventures led the funding round with additional investment by Jeff Clavier’s SoftTech VC and a group of angel investors. As part of the funding round, Jon Callaghan from True Ventures joined Fitbit’s board of directors.
“Fitbit is a fundamental innovator in both consumer health and wellness and the physical web. We believe that their products around health and personal analytics represent the beginning of a huge shift in the ability of web applications to impact everyday life”
Fitbit will use the infusion of capital to move forward with the consumer launch of its Fitbit Tracker health and wellness monitoring device and Fitbit.com Website. Both are set for release in early 2009. This finance round will also accelerate the development of new products and service offerings.
“Fitbit is a fundamental innovator in both consumer health and wellness and the physical web. We believe that their products around health and personal analytics represent the beginning of a huge shift in the ability of web applications to impact everyday life,” said Jon Callaghan of True Ventures. “James and his team are leading our industry in this important next stage of growth for the web. Fitbit’s vision of a practical and affordable health device that combines great industrial design along with seamless integration with the web will solve a real problem for many Americans.”
Previewed last month at the TechCrunch50 technology conference, the Fitbit Tracker is an ultra-compact wearable device that automatically tracks a person's physical activities, such as exercise intensity levels, calories burned, steps taken, distances traveled and sleep quality. Activity data collected by the Fitbit Tracker is wirelessly uploaded to the Fitbit.com Website where the wearer can track their progress toward personal goals, compare their progress against similar people and compete against their friends, family and co-workers.
“We are pleased that True Ventures and each of these angel investors have made this early investment in Fitbit and we look forward to Jon Callaghan joining our board of directors,” said James Park, co-founder and CEO of Fitbit. “This funding round is the next big step for us on the heels of winning a TechCrunch50 Jury Award and as we move toward the 2009 launch of the Fitbit Tracker and Fitbit.com.”
The Fitbit Tracker and Fitbit.com will be available in early 2009. The Fitbit Tracker will retail for $99; signing up on Fitbit.com is free. Pre-order forms and more information are available on www.fitbit.com.
About True Ventures
True Ventures invests in promising entrepreneurs at the earliest stages in the highest-growth segments of the technology market. The Partners at True have founded over ten companies, and True is designed by entrepreneurs, for entrepreneurs. The firm clearly understands both opportunities and challenges in the earliest stage of development and provides young companies with a powerful, seasoned partner.
Fitbit is devoted to helping people of any fitness level achieve health and wellness. Fitbit provides a complete wellness solution focused on behavior change via awareness and motivation. For more information and to pre-order the Fitbit Tracker, please visit www.fitbit.com.