Wearable fitness devices maker GOQii has said it has raised $13.4 million from 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, GOQii said in a statement.
The company will use the funds to focus on expansion in new markets globally and growth, GOQii said in a statement.
“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.
Besides its own band, GOQii’s application also integrates with 35 major fitness bands including Jawbone, Fitbit, Garmin, Moov, Misfit and Sony. “Our band agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets”, added Gondal.
The 100-employee strong company currently has onboarded about 1,000 fitness coaches present in US, middle east besides India who guide users thorough a mobile app on the fitness regime.
The International Data Corporation (IDC) Worldwide Quarterly predicts that wearable device shipments will reach 76.1 million units in 2015, up 163.6 per cent from the 28.9 million units shipped in 2014. By 2019, worldwide shipments is expected to reach 173.4 million units, resulting in a five-year compound annual growth rate (CAGR) of 22.9 per cent.
