Fitbit, a startup which makes a wide range of digital fitness trackers and health devices, has closed a $43 million funding round, 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.
Update: Fitbit has confirmed the funding, saying that Qualcomm Ventures, SAP Ventures, and SoftBank Capital invested in this round, along with existing shareholders Foundry Group and True 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.
The company hopes to use the funding to release new products and grow its global footprint. Over the last twelve months, it’s been expanding aggressively into the EMEA and Asia-Pac regions. It’s also grown its domestic sales to include more than 15,000 retail outlets in the U.S., while gaining traction with corporate wellness programs as well.
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.
And Fitbit isn’t the only player raising money in this space: Last month, Withings brought in $30 million in new funding to expand internationally. And while it’s more of a software platform than a device manufacturer, MyFitnessPal just raised $18 million in funding from Kleiner Perkins and Accel Partners.