Jawbone is going out of business, according to The Information. News of the liquidation proceedings comes three years after the once-high-flying company reached a $3.2 billion valuation. Founded in 1997, the consumer electronics company was known for making speakers and wearables—although reports emerged just about a year ago that it was looking to sell its speaker business and considering halting production of its fitness devices. Co-founder and CEO Hosain Rahman has launched a new startup called Jawbone Health Hub, per the report, with plans to make health-related hardware and software tools.
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Although this year has seen many VC-backed companies go out of business, the failure of Jawbone is particularly jarring given its massive amount of funding and outsized valuation. Jawbone had raised more than $500 million from well-known VCs such as Sequoia and Andreessen Horowitz, but by 2016, the company’s valuation had been cut in half, and it appears the nosedive continued.
Check out Jawbone's free profile and read our analyst note on the future of wearables.
Read the report from The Information here.
Article by PitchBook
