Thursday, June 18, 2015

Foundry Group's Big Fitbit IPO Stake Worth $1.6 Billion

There might just be some champagne glasses being passed around over at Boulder-based venture capital investor Foundry Group this afternoon, as one of the firm's portfolio companies, Fitbit, saw a gigantic debut on Thursday on the New York Stock Exchange as FIT. Fitbit closed at $29.68 per share for the day, up significantly from the $20 per share it had been priced at, valuing the company at $6.08 billion. Foundry Group owns 26.7 percent of Fitbit after the IPO, making the venture investor's stake worth a cool $1.6 billion. Foundry was a very, very early supporter of the vision behind Fitbit's wearable fitness trackers, and was the first investor into the company.