Fi Secures $30 Million in Series B Funding

Fi, a company specializing in pet technology, has announced the successful completion of a $30 million Series B funding round. This investment follows a previous $7 million Series A raise in 2019.

The latest funding round was spearheaded by Chuck Murphy from Longview Asset Management, and it has resulted in a valuation for the startup exceeding $200 million.

Focus on Connected Dog Collars

Based in New York, Fi focuses on developing and marketing connected dog collars. Their Series 2 device was released in late 2023.

This updated version incorporates significant hardware enhancements to the pet tracking device, notably improving battery performance. Users can now expect up to three months of operation on a single charge, averaging around 1.5 months according to the company.

How the Technology Works

The device utilizes both Wi-Fi and Bluetooth technologies.

Owners receive notifications when their dog ventures outside of a pre-defined, AI-established geofenced area.

Growth and Expansion

Since its launch in March 2019, the company has demonstrated consistent growth.

Demand for Fi’s products remained strong even during the challenges presented by the COVID-19 pandemic.

Currently, Fi is concentrating on expanding its reach within the United States. The product became available through the major online pet retailer, Chewy, in the fourth quarter of the previous year.

Future Plans

“We are only beginning to tap into the substantial market potential within the U.S.,” explains Jonathan Bensamoun, founder and CEO, in an interview with TechCrunch.

“Our primary goal is to maintain our focus here and establish our product as a common household item. A key obstacle to growth is simply increasing awareness of our brand and the existence of this product category.”

Discussions with prominent brick-and-mortar pet retail chains are ongoing, but remain uncertain.

The new funding will be allocated to research and development, marketing initiatives, and the pursuit of additional retail partnerships to broaden the product’s distribution.

Investor Confidence

Courtney Robinson, AVP partner, shared a statement with TechCrunch, stating: “We have been closely monitoring Jonathan and the Fi team for over a year and are deeply impressed by their effective execution and impressive growth trajectory.”

“They have firmly established themselves as the leading provider in the emerging market of connected collars, offering a device that surpasses competitors in terms of design, battery longevity, and precision.”