Digital Fitness Tracker Startup Fitbit Raises $43 Million, Softbank Capital’s Steven Murray Joins Board
Fitbit, a startup which makes a wide range of digital fitness trackers and health devices, has closed a $ 43 million funding round and added Softbank Capital’s Steven Murray to its board, according to an SEC filing. The funding comes as the market for health trackers is heating up, with more money being invested in the space.
Earlier this spring, TechCrunch reported that Fitbit was looking to raise $ 30 million in growth equity at a $ 300 million valuation, but it looks like the company was able to raise even more than that. It appears that, with Murray joining the board, Softbank Capital was the lead in the round. Previous investors include Foundry Group, True Ventures, SoftTech VC and Felicis Ventures.
Fitbit makes a number of devices for tracking your overall fitness. There’s the Fitbit One, the Fitbit Zip, and the Fitbit Flex, all of which track movement. The company also has a smart scale for keeping track of your weight, and online and mobile tools for keeping all of that data together in one place, while also allowing users to track calorie intake and other info.
Of course, there’s increased competition in the health tracker market, with competitors like the Nike Fuelband, the Jawbone Up, as well as the recently released Withings Pulse and the Misfit Shine. But anyone who’s tried to buy a Fitbit Flex over the last few months knows it’s been in high demand — I somehow managed to find one about six weeks ago, but the Flex has mostly been on backorder since it was released earlier this year.