A first close of $500,000 was initiated by Amiigo on its fundraising effort started last month. 50% of the $1 million non-brokered mezzanine offering was placed with three investors. The company will attempt to raise an additional $500,000 in funding before the end of the offering a year from now. Amiigo is offering securities for the first time on the private placement market. The company raised nearly $600,000 via a crowdfunding campaign on indiegogo.
The company designed a two piece (wrist and shoe clip) activity tracking bracelet which enables users to track their progress on their iOS or Android mobile devices. The bracelet uses a multiple 3-axis accelerometer, pulse-oximeter and skin temperature sensor. It comes in three micro-adjustable sizes and four colors.
Fitness tracking bracelets have been making a lot of noise lately from Jawbone’s $93 million debt financing to speed the manufacturing of its Up fitness-tracking wristband to fitbit raising $43 million in August.
David J. Scott (President) leads the North Salt Lake UT based company which was registered in 2011. Amiigo elected not to disclose its revenues.
The executive team includes David Scott, Abraham Carter and Adam Watson Wade.
Status: First close
Industry: Other Technology
Amount offered: $1,000,000
Amount placed: $500,000