Owlet Raises $24 Million in Series B Funding
LEHI, Utah (PRWEB) May 08, 2018 -- Owlet Baby Care, today announced the closing of a $24 million Series B investment. The round was led by Trilogy Equity Partners, with participation from existing investors, including Eclipse Ventures, Broadway Angels, and Enfield Ventures, and the addition Pelion Venture Partners. The additional funding will enable the company to accelerate its growth through the launch of additional products, continued international expansion, and help make the product accessible to more families. In connection with the financing, Amy McCullough, Managing Director at Trilogy Equity Partners, will join Owlet’s board of directors.
Owlet is a venture-backed startup best known for its flagship product, the Smart Sock baby monitor, which uses pulse oximetry to track a baby’s heart rate and oxygen levels while sleeping. In 2017, Owlet launched the Connected Care platform which provides parents with more comprehensive data analysis and trends based on biometric information about their baby, including heart rate, oxygen levels, sleep trends and red notification history. With two new products slated for release in 2018, the company continues to focus on healthcare technologies that empower parents with the right information at the right time.
“As a company of parents, it is important to us to bring innovative technology into a family’s everyday life. This new round of funding will enable us to expand our product line, looking at ways we can support the health and wellness of families at all stages, from pregnancy on, as well as increase the brand’s availability internationally and improve our accessibility and affordability.” said Kurt Workman, Owlet Co-Founder and CEO. “We are very grateful for the continued support of our investors Trilogy Equity Partners, Eclipse Ventures and Broadway Angels, who help make achieving our big vision and mission possible.”
“As an investor, it is rare to get the chance to invest in a company that has both the potential to be tremendously successful while simultaneously delivering a product that has the ability to make such a substantive and positive impact on people’s lives. Owlet is on a journey to achieve both of these objectives and at Trilogy, we couldn’t be more excited to lead this round and take the next step in Owlet’s journey together. Over the past few years, we’ve had the opportunity to witness the impact that Owlet’s Smart Sock has made in the lives of countless families, as they’ve created a new category in infant home monitoring while placing the power of information into the hands of parents.” said Amy McCullough, Managing Director at Trilogy Equity Partners. “Kurt and his team have already demonstrated a tremendous ability to execute from a vision to products which resonates with parents globally and we look forward to our continued partnership with the entire Owlet team.”
Owlet Baby Care also recently announced the addition of three experts to its board of directors and executive team, to propel the company through its continued growth and expansion. Woody Scal, former Fitbit Chief Business Officer, joined as a board member; Mike Abbott, seasoned CFO and executive from top consumer brands, as Chief Financial Officer; and Milena Adamian, MD, PhD, a cardiologist and clinical research expert, as Vice President of Health Affairs.
Owlet has been recognized by Forbes “Next Billion-Dollar Startup” list, Entrepreneurs “100 Brilliant companies” list and a finalist in Fast Companies “2017 World Changing Ideas Awards.” In the past year alone, The Owlet Smart Sock has been awarded by top parenting media including: BabyCenter Moms' Pick Awards, The Bump Best of Baby Awards, Babylist Best Baby Products, and What to Expect Best Baby Awards. Owlet is currently a finalist in the Extreme Tech Challenge (XTC), the world’s largest startup competition.
About Owlet Baby Care
Owlet Baby Care (http://www.owletcare.com) is a health technology company founded by a team of parents in 2013. The company’s flagship product is the Smart Sock Baby Monitor, which uses pulse oximetry technology to track a baby’s heart rate and oxygen levels during sleep. Owlet’s mission is to empower parents with the right information at the right time.
About Trilogy Equity Partners
Formed in 2006, Trilogy Equity Partners (http://www.trilogyequity.com) is an early stage venture firm based in Bellevue, Washington that is led by former entrepreneurs and operators. The firm’s roots include the formation and leadership of some of the largest mobile operators in the United States as well as other global technology and wireless companies. Trilogy takes a hands-on approach to investing, with a closely held evergreen fund that aligns investments with the objective of building great companies over time.
Nicole Daley, Daley PR, +1 (415) 408-8664, [email protected]
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