Fitbit Raises $2 Million from True Ventures and SoftTech VC

October 10th, 2008 at 12:00 am

fitbit calorie tracker weight

As the stock market plummets and the shares slide down and venture capitalists buckle down and cut costs, Fitbit managed to close is first round of funding.

Fitbit unveiled its only product during the TechCrunch50 conference last month and dazzled judges.  Fitbit makes a gadget also called Fitbit that basically tracks how many calories a user has burned.  Although the idea is not new, Fitbit differentiates itself from other weight loss devices like Weight Watchers by how much they will b automating the process.

The Fitbit device simply clips onto the users clothes and records how many calories have been burned through exercise, daily movement and sleep.  However, it still lacks automation on the food side which needs to be inputted manually by the user on the Fitbit site. With all the data collected by the device and site, health reports can be viewed  on the site as well.

The Fitbit Tracker will cost $99, and will be available for sale initially on the company’s website, says chief executive James Park. There are plans for a roll-out to retail stores later in the year. If the economic downturn continues, Fitbit may have picked the wrong time to launch a device that some might see as a luxury or a novelty, but Park says the company has kept the Fitbit Tracker relatively affordable.

All in all, it’s a good day in the storm for Fitbit.  The $2 million VC round was led by True Ventures, Soft Tech VC and a number of undisclosed angels.