BPI et al. exit Withings to Nokia in €170m deal

The transaction is expected to close in early Q3 2016 and will be financed by cash from Nokia's balance sheet.

BPI France and Idinvest will exit their stakes in Withings alongside fellow backers Ventech and 360 Capital Partners.

Withings will become part of Nokia Technologies, which in turn will be widening its capabilities in the field of digital health innovation and strengthen its position in the Internet of Things market, according to Nokia CEO and President Rajeev Suri.

Previous funding
Withings raised around €30m of funding in total, with a first €3.8m series-A round in 2010 led by Ventech, and a second round involving BPI France, Idinvest, Ventech and 360 Capital Partners, which committed a combined €23.5m to the company's series-B.

BPI was the lead investor in the series-B, contributing €11m to the round.

Company
Withings is a digital health company founded by chair Éric Carreel and CEO Cedric Hutchings in 2008, counting around 200 employees divided between the company's offices in Paris, Cambridge, the US and Hong Kong. It is headquartered in Issy-les-Moulineaux, near Paris.

Withings mainly develops connected devices and applications with a specific focus on wellbeing. Products include activity trackers, weighing scales, thermometers, blood pressure monitors and baby monitors.

People
Nokia Technologies – Ramzi Haidamus (president).
Withings – Éric Carreel (chair); Cedric Hutchings (CEO).
Nokia – Rajeev Suri (president & CEO).

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• France
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• BPI France
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• IDInvest Partners (AGF Private Equity)