Jeff Clavier, founder of SoftTech VC, discusses early investment rounds in Fitbit following its 2015 initial public offering.
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“Every single round of financing was either close to impossible, To raise, I had to beg Brad failed to invest in the Series A saving Fitbit, because without that investment from Brad, they would be dead, and even the Series B or the Series C were not easy, despite how remarkable the company is, and how great their, you know, trajectory has been.”
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More from Jeff Clavier
PredictionDidn’t hold up
Clavier in 2015: Ambient Wireless Power Will Recharge Electronics by 2018
“So those two guys out of MIT have invented a well using a technology which has been refined lab at MIT, where, you know, in three years from now, you'll have a device or earlier You will have a device on your nightstand or your desk in the office that will aut…”
Jeff ClavierSep 7, 2015▶ 24:1920 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
AssertionNot checkable as stated
Clavier: No VCs Were Willing to Fund Fitbit in 2010
“In 2000 10 there was basically no one to fund Fitbit, like no one would touch it despite the early progress and, you know, sort of early liftoff in terms of sales”
Jeff ClavierSep 7, 2015▶ 8:0420 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
AssertionNot checkable as stated
Clavier: One-Third of SoftTech Portfolio Companies Receive Preemptive Series A Offers
“The thing which is interesting is that about a third Of our companies actually don't go and raise a round. The round just comes to them in the form of a preemption.”
Jeff ClavierSep 7, 2015▶ 19:0420 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
AssertionNot checkable as stated
Clavier: Hardware Startups Were a "No-Go Zone" for VCs in 2008
“It was a no-no or no-go or no investment zone for the other VCs.”
Jeff ClavierSep 7, 2015▶ 6:0720 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
Disclosure
SoftTech VC Doubled Down on Fitbit's $9M Series A Across Two Funds
“After a couple of months of due diligence and reference checks and spending time with the team, they led a nine million dollar Series A that I we participated into, and we actually bought more shares of Fitbit from our other fund, Fund Three, which we had rais…”
Jeff ClavierSep 7, 2015▶ 10:2020 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
AssertionSupported
Clavier: Micro VC Market Grew to 250 Funds and $4B by 2015
“By 2010, you were looking at a market of 20, 25 in sort of institutional micro VC funds. In five years, 10 X that amount has been raised. So we're now looking at 250 macro VC funds having raised a total of four billion dollars.”
Jeff ClavierSep 7, 2015▶ 11:3420 VC 069: Jeff Clavier, King of Seed Funding @ SoftTech VC on Brad Feld, Fitbit and Standout Startups
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