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Fitbit is a Dragon Startup: Today’s IPO Returns More Than $1B for Foundry Group

fitbit-logoCongratulations to our investor Brad Feld on the IPO of Fitbit today, which is a dragon startup for the Foundry Group venture capital fund. Dragon startups return $1 Billion or more to their investors, as opposed to Unicorn Startups who are worth $1 Billion or more in paper valuation.

According to regulatory filings, Foundry is the largest stakeholder in the company, with¬†28.9% ownership, and at the mid-range of pricing targets $17-19 per share the company was on track be valued at $3.7 Billion which would make the Foundry stake worth just over $1 Billion on it’s own.

As of publishing, the company ended up pricing at $20/share at opening and shares are trading at just over $30 currently after opening at $30.40/share. This puts Fitbit’s initial IPO value at $6.2 Billion, roughly an $1.8 Billion return for Foundry Group.

© Mattermark 2017. Sources: Mattermark Research, Crunchbase, AngelList.
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