Friday, May 8, 2015

Fitbit, Backed By Foundry Group, Files For IPO

Boulder-based investment firm Foundry Group seems to have quite a golden touch lately, with one of its portfolio companies--Fitbit--filing for an IPO on Thursday afternoon. Fitbit, the fitness tracking and wearables device maker, is based in San Francisco, and said it is looking to raise up to $100M on the New York Stock Exchange as FIT. Foundry Group owns nearly a third of Fitbit, with 28.9 percent of the company before the IPO. Foundry has had a string of acquisition in recent years -- at least a dozen companies in the last year or so (Gnip, Awe.sm, isocket, Medialets, LinkSmart, Memeo, Mocavo, Revolv, Sifteo, Spanning, Topspin, Triggit). The firm's biggest exit and last IPO was Zynga, which had its IPO in December of 2011. Foundry's Brad Feld led the firm's investment in Fitbit, and Feld was on Fitbit's board until just before the IPO filing.