The Series A fund was backed by New Enterprise Associates (NEA) and Cheetah Mobile Inc with additional support from Great Wall Club (GWC), DSG Consumer Partners, IlkkaPaananen and Pravin Gandhi.
World’s leading virtual fitness coaching platform GOQii has closed $13.4 million in Series A funding, to further accelerate the company’s already impressive growth and customer success.
Prior to this, the California-based company has raised an undisclosed amount of funds from the Founder & CEO of mobile internet firm, one97 Communications, Vijay Shekhar Sharma.
“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.
The investment was led by global venture capital firm New Enterprise Associates (NEA) with participation from Cheetah Mobile Inc, 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; IlkkaPaananen, CEO &Co- founder of Finnish gaming start-up Supercell; angel investor and entrepreneur Pravin Gandhi and Gondal.
“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,” Bala Deshpande, Senior Managing Director, New Enterprise Associates India Pvt. Ltd.
Significantly, 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 are expected to reach 173.4 million units, resulting in a five-year compound annual growth rate (CAGR) of 22.9 per cent.
Meanwhile, Gondal further noted, “We are a category defining player, that of services that can be delivered on Wearable 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.”
In the entire Series A funding process, Signal Hill acted as the Financial Advisor to GOQii and Goodwin Procter provided Legal Advisory Services.
Headquartered in California with offices in Mumbai and Shenzhen, GOQii is dedicated to enabling a permanent shift to a healthier lifestyle with the combination of advanced wearable technology, the world’s leading experts, coaches and karma.