Paris, France – July 17, 2013 – Withings, the leading innovator in health & wellness smart devices and applications, today announced that it has received $30 million from Bpifrance, which investment amounts to $15 million, Idinvest Partners and 360 Capital Partners, alongside with Withings’ historical investor Ventech. Clipperton Finance advised the Company on this second round of financing. It is one of the most significant venture capital operations for the newly created Bpifrance. These new funds will help the Company to accelerate international expansion and to support innovation.
A front-runner of the on-going Digital Health global revolution, Withings has already carved out a leading position on this multi-billion market. Founded in 2008 by Cédric Hutchings and Éric Carreel, Withings is a recognized pioneer of the Health 2.0 transformation. It has developed a unique capability of transforming people’s day-to-day lives, empowering users with cutting-edge tools capable of improving their lifestyles and well-being. Leveraging unparalleled R&D capacities, the Company has built a comprehensive eco-system around Digital Health, made of game-changing and carefully-designed devices coupled with user-friendly mobile applications.
From widely praised Wi-Fi Body Scales in 2009, the company has subsequently enriched its product range with a series of devices designed for improving users’ lives, including the Smart Blood Pressure Monitor and the Smart Baby Monitor. Earlier this year, Withings reinvented the connected scale once again with the launch of the Smart Body Analyzer – the first Internet-connected scale measuring heart rate and air quality in addition to traditional weight and body composition measurements. Last month, Withings disrupted the activity tracking segment with the launch the Withings Pulse, a pocket-sized activity tracking device monitoring a wide array of parameters such as heart rate, steps taken, distance covered, elevation, calories burned and quality of sleep. Withings has been repeatedly praised for the design and ease of use of its device, which makes them long term life changing partners.
Rewarding its unique approach to health management, Withings is experiencing a staggering growth phase with devices and applications used in all parts of the world by individuals as well as professionals. Additional financing capacities will allow the Company to fuel further growth on overseas markets extending its retail and distribution network. Attached to its innovation-driven DNA, Withings also aims at strengthening its in-house R&D teams by hiring best-in-class software and hardware engineers and developers.
Cedric Hutchings, co-founder and General Manager, Withings, declared “Quantified self is only the first wave of a much more profound health care revolution. Thanks to Withings solutions, users are gaining control over their personal health, and richer relationships are established between patients and healthcare professionals.”
Eric Carreel, co-founder and Chairman, Withings, declared “Big Data analytics is creating insight that was only dreamt of a few years ago. The new funds will enable Withings to accelerate and drive this revolution. We are stepping up our R&D programs to push for more innovation in into more beautiful products, and reinforcing our marketing muscles and partnerships to gain new markets in this booming sector.”
Nicolas Dufourcq, General Manager, Bpifrance, declares “This investment alongside with experienced investors is highly illustrative of Bpifrance’s commitment in the capital risk industry. Withings is a successful French company, growing in the new and booming market of quantified self. These new resources will enable Withings to accelerate its development.”
According to Benoist Grossmann, Managing Partner at Idinvest Partners: “Eric Carreel is a serial entrepreneur and I believe that every serial entrepreneur is performing better and better over the years of his experience. Being part of Withings additional funding is completely responding to Idinvest Partners strategy and believes.”
Emanuele Levi, Partner at 360 Capital Partners, commented “We are thrilled to join a terrific company like Withings one of the rising stars in the global market of smart devices. I have been really impressed by the extraordinary execution and the vision of Cedric, Eric and the company’s management team who have created in such a short time a true global leader with a really distinctive product offer. By the way, you should try one of their products, they can really change your life! “
Withings is an innovative company that creates smart products and apps to help people across the world easily take care of their health and well-being. Founded by French executives Cedric Hutchings and Eric Carreel, Withings has been pioneering Health 2.0 since the launch of their first Wi-Fi Body Scale in 2009 and is leading the way of the connected health movement. By extending the capabilities of an object through network resources, Withings provides access to infinite computing and storage facility at no extra cost, turning objects into smart connected devices. Since 2009, Withings has extended those benefits to a wide range of lifestyle-friendly devices including the Wi-Fi Body Scale, the Smart Blood Pressure Monitor and the Smart Baby Monitor and the Pulse activity Tracker. By using mobile phones and computers as bridges and opening up its platform to the well-being ecosystem, Withings now works seamlessly with over 60 partner apps and devices, providing users with a whole new dimension to their day-to-day life.
About the Investors
Bpifrance supports enterprises, from seed funding to IPOs, from loan financing to equity investment. Bpifrance (formerly formed of OSEO, CDC Entreprises, FSI, FSI Régions) provides financing solutions suited for small and medium innovative businesses as well as larger companies with a strategic dimension for the French economy.
Bpifrance team: Jean d’Arthuys, Director at Bpifrance ; Sebastien Blot, Investment Director ; Litzie Maarek, Investment Manager ; Stephen Fargis, Investment Manager ; Sophie Paquin, legal
More information on www.bpifrance.fr
With €4 billion under management and 40 staff, Idinvest Partners is a leading pan-European manager focused on the middle market segment. Idinvest Partners has developed several complementary areas of expertise including investments in innovative European start-ups, primary, secondary and mezzanine investments in European non-listed companies, and private equity consulting. Founded under the name of AGF Private Equity in 1997, Idinvest Partners was formerly part of the Allianz Group until 2010 when it joined forces with IDI Group to become independent.
360 Capital Partners
360° Capital Partners is a Venture Capital firm, investing in Innovation at full scale, in Europe and more particularly in France and Italy. 360° Capital Partners is managed by a consolidated team which has cumulated 50+ years of Venture Capital experience in investing in, following-up and/or exiting from over 60 companies and which have more than €300 million under management, provided by top tier international investors. 360° Capital Partners leverages an important international network, it co-invested with major international Venture Capital funds in 9 countries and have proven a top quartile track record as individuals and as a team in very different economic environments.
Ventech is a venture capital firm that, for more than a decade, has invested in recently formed companies or start-ups. These investments have focused more particularly on the Information Technology sector (software, hardware and communication, media and services), mainly in France and other European countries. With a total of more than €400 million raised, Ventech’s mission is to invest in ambitious projects to transform companies into leaders, enabling most of them to earn international recognition.
Ventech is also present in China through a local team, dedicated to help the European companies in its portfolio develop their business in Asia and to invest in the region via a dedicated fund.
For more information: www.ventechvc.com
About Clipperton Finance
Clipperton Finance is a European corporate finance boutique exclusively dedicated to the HighTech and Media industries. Clipperton Finance advises high growth companies on financial transactions, fundraisings, capital increases and Mergers & Acquisitions. With a team based in London, Berlin, and Paris and an international reach, Clipperton Finance is a European leader in the sector. The team has successfully structured more than seventy high level international transactions in the European High Tech sector.
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