Wearable fitness devices maker GOQii today said it has raised $13.4 million from investors including New Enterprise Associates and Cheetah Mobile. The Series A funding also saw participation from Great Wall Club (GWC), DSG Consumer Partners, Ilkka Paananen (CEO & Co-founder of Finnish gaming startup Supercell) and angel investor Pravin Gandhi. Also Read - This under Rs 5,000 fitness band can measure your blood oxygen level, body temperatureAlso Read - GOQii Vital 3.0 launched with inbuilt body temperature sensors to track COVID-19 infections
The company will use the funds to focus on expansion in new markets globally and growth. “This additional funding is a great vote of confidence in GOQii’s focus on accelerating revenue growth… Our bands agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets of China and US,” GOQii founder and CEO Vishal Gondal said. Also Read - GOQii VitalPro, RunGPS Pro smartwatches launched alongside Smart Stride, Smart Scale: Price, Features, Availability
IDC predicts that wearable device shipments will reach 76.1 million units in 2015, up 163.6 percent from the 28.9 million units shipped in 2014. By 2019, worldwide shipments are expected to reach 173.4 million units, resulting in a five-year compound annual growth rate (CAGR) of 22.9 percent.
Signal Hill acted as the Financial Advisor to GOQii and Goodwin Procter provided Legal Advisory Services. The California-headquartered company is backed by angel investors like Amit Singhal (Google), Shriram Nene and his wife and Bollywood actress Madhuri Dixit-Nene and had raised $2.5 million. Its other investors include Mahesh Samat (Epic), Mike McNamara (Flextronics), Neeraj Arora (WhatsApp), Marco Argenti (Amazon) and Rajan Anandan (Google), among others.
FROM EARLIER: GOQii is a smartband with a difference
GOQii had launched its fitness band and services in India in October last year. It offers a fitness tracker band, coupled with a personal coach who works with the user’s activity and sleep data to provide customized advice on a regular basis. In July, GOQii launched a new fitness band and a three month subscription plan for Rs 3,999.