Misfit Wearable has raised an additional $40 million in a Series C funding round led by GGV Capital with participation from investors in China, where the company’s Shine and other fitness tracking devices have taken off, according to several media reports.
Smartphone maker Xiaomi, retailer JD.com, and Shunwei Capital Partnersparticipated in the latest round alongside existing investors, including Horizons Ventures, Khosla Ventures, Founders Fund and Northwest Venture Partners. Misfit CEO and founder Sonny Vu has said Misfit derives about one third of its revenue from China.
Misfit was founded in 2011 by former Apple CEO John Scully and others and raised $850,000 by pre-selling its Shine device on the crowd funding site Indiegogo in 2012. It raised nearly $24 million in Series A and B funding rounds in 2012 and 2013 according to Crunchbase.com..