Fitbit’s First Day On Wall Road
As indicators outdoors the New York Inventory Change declared that “Wall Road Is Getting Match,” exercise monitoring firm Fitbit started public buying and selling at present. It shortly surged to 50-plus % above its IPO worth and held regular for the remainder of the day.
We have been on the flooring of inventory change to seize the beginning of buying and selling (sadly, we couldn’t stick round for the movie star exercise at lunch). We additionally interviewed SoftTech VC’s Jeff Clavier, an early investor in Fitbit (whereas he’s had some huge exits, that is his first portfolio firm to go public), and Doug Chu, NYSE’s head of Silicon Valley listings.
At the moment, Clavier stated, there’s an ecosystem constructed up round hardware startups “in an enormous approach,” however he recalled backing the Fitbit in what he referred to as “the darkish ages of hardware investing.”
“Clearly, hardware is tremendous exhausting,” he stated. “There are a ton of design points, contracts, manufacturing high quality, it’s actually a totally totally different playbook. And to be very candid, once I invested in Fitbit, I had no clue as to how exhausting that was going to be. So I really feel very very fortunate that we find yourself at the moment itemizing on NYSE.”