Fitness bracelet designer Amiigo increased its financing size and raised additional funds

Change: offered +33% / raised +17% / placed 88%

amiigoAmiigo disclosed increasing the size of its mezzanine placement by 33% to $2 million. Prior investors ponied up an additional $250,000. They had previously subscribed to $1.5 million in securities according to another filing disclosed last October. So far, five backers committed $1.75 million to Amiigo’s offering. The subscription is structured to close once the 12% left is fully subscribed or in six months at the latest. The company had launched a crowdfunding campaign on indigogo’s platform in early 2013 and sold $60,000 worth of products on the first day. The campaign, which lasted two months, closed on $600,000 raised on a $90,000 target.

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.

The company, headquartered in North Salt Lake UT, is led by David J Scott (President). Amiigo kept its revenues undisclosed.
The executive team includes Abraham Carter and Adam Watson Wade.

The company was originally in the market for a $1 million financing round and had raised $500,000 when Random Research first reported on the offering.

Offering recap
Status: Intermediary close
Company: Amiigo
Industry: Other Technology
Amount offered: $2 million
Amount placed: $1.75 million
First sale: 08-30-2013

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