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Japan’s Mitsui leads Series B investment in fitness device maker GOQii

Nov 26, 2018 by The Passage Team
Japan’s Mitsui leads Series B investment in fitness device maker GOQii

GOQii Inc, which makes wearable fitness devices, has raised an undisclosed amount through a mix of equity and venture debt in a Series B round of funding led by Japanese conglomerate Mitsui & Co.

GOQii said in a statement that other new investors included New York-based blockchain merchant bank Galaxy Digital and Denlow Investment Trust, which is a limited partner (LP) in several global consumer and tech-focussed funds.

Existing investors New Enterprise Associates (NEA), DSG Consumer Partners, Paytm founder and chief executive Vijay Shekhar Sharma, and Tata Sons chairman emeritus Ratan Tata also contributed the round in which Trifecta Capital chipped in with venture debt.

The Economic Times pegged the deal value at $30-35 million (around Rs 215-250 crore at current exchange rates). It added that GOQii, which is led by Indiagames founder Vishal Gondal, had raised the sum at a valuation of $100-125 million. However, GOQii has yet to make an official statement in this regard.

Source: VC Circle

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