FitBit’s IPO today represented a huge win for its venture capital investors including True Ventures (22.9% pre-IPO stake), which notched its first portfolio IPO ever, Foundry Group (28.9%), SoftBank Capital (5.6%), Felicis Ventures (less than 5%) and others. How huge?
According to CB Insights data, FitBit‘s IPO ranked as the top venture-backed wearable exit at its offering price valuation. At $4.1B, FitBit’s IPO was 32% larger than GoPro‘s. GoPro was backed by US Venture Partners, Walden International and Steamboat Ventures.
As the chart below highlights, FitBit also tops four other recent exits in the wearable-tech space including Facebook’s $2B acquisition of virtual-reality product Oculus VR, which benefited backers Spark Capital, Matrix Partners, Formation 8, and Andreessen Horowitz. Here is the full list of top exits in the wearable-tech space by valuation over the last five years:
For more data on the wearables space, check out the CB Insights Venture Capital Database. Sign up free below.If you aren’t already a client, sign up for a free trial to learn more about our platform.