Horizon Ventures leads $15.2m Series B for Misfit Wearables
Hong Kong-based Horizon Ventures has led a $15.2 million Series B round for Misfit Wearables, the US start-up behind the physical activity monitor Shine. Existing investors – which include Founders Fund, Khosla Ventures, Norwest Venture Partners, OATV, Max Levchin and incTANK – also took part.
Other new investors include Translink Capital, Coca-Cola, TenOneTen Ventures, Atom Factory and Summly creator Nick D'Aloisio. Jason Wong from Horizons will be joining Misfit’s Board.
Launched earlier this year, Shine is a pendant-shaped activity monitor that tracks activity and sleep. The metal device syncs wirelessly with an accompanying app on Apple iOS and Android devices and runs on a coin cell battery.
According to a release, Misifit Wearables – which initially raised $846,000 for the project via crowdfunding site Indiegogo – has already shipped hundreds of thousands of units to over 20 countries. In the US it is being sold at the Apple Store, Best Buy, Target and online.
This latest round of funding will be used to support the growth of the company on the back of Shine’s success and to bring upcoming products to market. Misfit Wearables was founded in 2011 by Sonny Vu and John Sculley, the former CEO of Apple and Pepsi, with Sridhar Iyengar, co-founder and CTO of AgaMatrix.
"Shine has been a great start for us," said Vu. "We have a bold vision for the future of wearables, for making them desirable, accessible, and deliver on great use cases. The funding and new partners we have will be essential in helping us achieve these goals."
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