GoPro valued at $2B
By Andrew Hudson Published: December 20, 2012 Updated: May 20, 2016
One small camera, one big valuation. An investment by iPhone manufacturer Foxconn values sports-camera manufacturer GoPro at a massive $2.25 billion. That makes the founder, 36-year-old Nick Woodman, worth over $1 billion.
GoPro is a privately-held company based in San Mateo, California started by Woodman in an attempt to get action shots of his surfing. Originally selling camera straps, the company sold its first camera in 2004 and became popular with extreme sports athletes. The latest HD HERO 3 camera, launched in November 2012, captures video at 2.7K and 4K resolution. GoPro has a 32% stake in the pocket camcorder industry (according to IDC analyst Chris Chute), which is a fast-growing market.
Foxconn, based in Taiwan and officially known as Hon Hai Precision, makes about 40% of the world’s consumer electronics gadgets. The company has acquired 8.88% of GoPro for $200 million.
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