I'd ascribe the failure to the commodification of the fitness tracker and increasingly platform-driven smart speaker space. Here are some companies that have raised big rounds recently:
+ SimpliSafe raised $57M from Sequoia
+ Ring raised $100M+ from DFJ
+ Formlabs raised $50M from Foundry
+ Sphero raised $23M in April
+ Anki raised $52.5M in PE
I'm not sure what the future holds for Anki/Sphero, but the first three examples have what GoPro/FitBit didn't — a clear recurring business model. This is a good blog post on the subject:
+ SimpliSafe raised $57M from Sequoia
+ Ring raised $100M+ from DFJ
+ Formlabs raised $50M from Foundry
+ Sphero raised $23M in April
+ Anki raised $52.5M in PE
I'm not sure what the future holds for Anki/Sphero, but the first three examples have what GoPro/FitBit didn't — a clear recurring business model. This is a good blog post on the subject:
https://blog.bolt.io/the-3-business-models-that-matter-for-c...