Post on 12-Apr-2017
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HistoryFounded in 2011 by Sonny Vu, John Sculley and Sridhar Iyengar.Before Misfit, Vu and Iyengar were behind IBGStar (the first FDA approved medical device for Iphone).Early-day invested by ex-Pepsi president and ex-Apple CEO Sculley.Headquartered in San Francisco. Engineer offices located in China and Vietnam.
Products - Shine (launched 2012)Utilize sensor technology, tracking activity and monitor sleep.Funded through Indiegogo (goals reached within 10 hours, finished ~ $846k).Elegant design, persistent battery life (5-6 months) and waterproof.
Positively received.Partnered with Victorias Secret, Swarovski.Named official tracker for Sochi and World Cup 2014.Fully waterproof.Partnered with Speedo to utilize swimming tracking.Shine 2 will be launched in 2016.
Products - Flash (launched 2014)Similar to Shine, but made from plastic.Half the price.Lower water resistant (30m compared to Shiness 50).Mixed reviews.
FinancialAround $63M from 5 funding rounds. (7.6M, 15.2M, 40M from Series A/B/C)Revenue undisclosed, but shipped over 1M devices in Q4 2014.Huge market for growth (70M devices sold total in 2014 - $7B market).Recently acquired by Fossil Groups for $260M.
Secret SauceFashion-oriented.Doesnt greatly compromise activity tracking.Price.High sustainability, access to cheap HR.We have to get the best talent at the best prices - Sonny.Accessible outside of US market. ( of revenue outside US, mostly China, Russia)So far, decent marketing strategy.
CompetitorOther tracker: Jawbone, Garmin, MioSmartwatches: Pebble, Samsung Gear.Young and competitive market.
ThoughtsSustainable, steadily generate revenue.Good direction, focus on wearables.Depends on its parent companys partnership and marketing.Need to diversify products.Need to enhance UX.Solid competitors.Will continue to earn its share in the market!