Funding round led by New Enterprise Associates (NEA) and Cheetah Mobile Inc with additional support from Great Wall Club (GWC), DSG Consumer Partners, Ilkka Paananen and Pravin Gandhi
Company to focus on customer success, expansion to new markets globally and continued growth
MENLO PARK, California, USA, 26 November 2015: Keeping its commitment to offer solutions that help individuals make a permanent shift to a healthier lifestyle, GOQii, world’s leading Virtual Fitness Coaching platform, today announced that it has closed USD 13.4million in Series ‘A’ funding to further accelerate the company’s already impressive growth and customer success.
The investment was led by global venture capital firm New Enterprise Associates (NEA) with participation from Cheetah Mobile Inc (NYSE: CMCM), the leading developer of mission-critical mobile utility applications; Great Wall Club (GWC), a private network for innovators and executives from leading mobile companies worldwide; DSG Consumer Partners, an investment company focusing on identifying, selecting and investing in consumer businesses; Ilkka Paananen, CEO & Co- founder of Finnish gaming startup Supercell; angel investor and entrepreneur Pravin Gandhi and Indian entrepreneur Vishal Gondal.
“This additional funding is a great vote of confidence in GOQii’s focus on accelerating revenue growth, as well as in the long term potential of our company. This funding also reflects the robustness of the sector”, said Vishal Gondal, founder and CEO, GOQii. “We are a category defining player, that of services that can be delivered on Wearables platform. 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”, added Gondal.
The International Data Corporation (IDC) Worldwide Quarterly predicts that wearable device shipments will reach 76.1 million units in 2015, up 163.6% 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%.
“We are very excited about the amazing momentum that GOQii is experiencing and believe that with this additional capital the company can grow even faster,” said Bala Deshpande, Senior Managing Director, New Enterprise Associates India Pvt. Ltd. “We believe that GOQii is redefining the wearables market globally and with its combination of technology, world’s leading experts, coaches and karma points on a single platform is uniquely positioned to lead in it.”
“At GOQii we believe that technology alone cannot help make positive changes in your lifestyle, human interface and engagement is equally important to achieve the necessary results. Our unique proposition of collaborating with some of the world’s leading health and fitness experts has motivated millions of users across the world to unleash their untapped potential towards healthy living”,shared Gondal.
Signal Hill acted as the Financial Advisor to GOQii and Goodwin Procter provided Legal Advisory Services.