Withings secures $30 Million additional funding to accelerate international expansion and foster innovation
Clipperton Finance acted as Sole Manager of the transaction
Paris – July, 17th 2013 – Clipperton Finance, a leading European corporate finance boutique focused on the High Tech and Media industries today announced the closing of $30 million (€23.5 million) series B financing for Withings, the renowned innovator in health & wellness smart devices and applications. New funds were brought by BPI France, Idinvest Partners, 360 Capital Partners alongside with Withings’ historical investor Ventech. Additional funding will be used by the company to accelerate international expansion and support in-house innovation.
Founded in 2008 by Cédric Hutchings and Éric Carreel, Withings is a recognized pioneer and front-runner of the on-going Quantified Self global revolution. 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.
Cédric Hutchings, co-founder and General Manager, Withings, said “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.”
Withings range of devices includes the widely praised Wi-Fi body Scale launched in 2009, but also a series of devices designed for improving users’ lives such as 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.
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 von Bülow, the Partner of Clipperton in charge of managing the transaction commented “We are very proud to accompany a leading European innovator such as Withings, a company that we believe will play an important role in an upcoming revolution at the crossroads of Digital Health and the Internet of Things”. Withings’ financing round is another proof of Clipperton’s ability to successfully advise highly innovative companies with a global reach.
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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 Mergers & Acquisitions, financial transactions, fundraisings, and capital increases. With a team based in its offices of London, Paris and Berlin, 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. For more information, visit www.clipperton.net