Clipperton acted as exclusive financial advisor to Withings and the Carreel family on the acquisition of the majority of the stakes held by Withings’ financial investors. Following the transaction, the Carreel family holds 90% of Withings.

Our Client 

  • Co-founded in 2008 by Eric Carreel, Withings created the world’s first connected scale in 2009. It followed with the first FDA-cleared connected blood pressure monitor in 2011, the first connected analog watch in 2014, and pulse wave velocity measurement on a connected scale in 2016. Its ecosystem of clinically validated devices now measures more than 90 biomarkers and is used by 12 million people worldwide.
  • Withings designs its products end to end, from sensors and electronics to software and AI models, and has reinvested 20% to 27% of its revenue in R&D every year since 2018. The company has published 170 clinical studies to date and generates 50% of its revenue in the United States.
  • Through Withings Health Solutions, its B2B division, Withings serves digital health programs, hospital networks, insurers and research organisations in the US and Europe. More than 1 million patients are enrolled in programs relying on Withings devices, up from around 25,000 in 2018. The division grew by 40% in 2026 and represents 19% of group revenue. 

Deal Rationale

  • Eric Carreel, together with Clémence Carreel, Chief Business Officer B2C, and Bruno Carreel, Chief Research Officer, acquired the majority of the stakes held by Bpifrance, Gilde Healthcare, Oddo BHF and Eurazeo. BNP Paribas Développement, 2050, Adelie and ACE & Company remain minority shareholders.
  • Profitable and expecting 20% revenue growth in 2026, Withings gains long-term governance to pursue self-financed growth and ten-year R&D cycles across three verticals: women’s health, patients on GLP-1 obesity treatments, and home care for seniors.
  • “Innovation in healthcare works in ten-year cycles, not five. The family business model allows Withings to commit to ten-year bets in service of its mission: making high-quality health monitoring accessible to all and enabling everyone to live longer, healthier lives,” said Eric Carreel, Co-founder and Chairman at Withings.

Clipperton Renews Its Advisory Mandate with Withings 

Withings has been a long-term client of Clipperton, which has raised close to $100 million for the company since the first transaction in 2013, a $30 million Series B with Bpifrance, Idinvest Partners and 360 Capital Partners. Clipperton also advised on Eric Carreel’s acquisition of Withings from Nokia in 2018, then on the company’s $60 million growth equity round led by Gilde Healthcare, Idinvest Partners and Bpifrance in 2020. This new transaction extends a relationship of more than a decade with Withings and the Carreel family.

Eric Carreel, co-founder and Chairman of Withings, commented: “Clipperton has been a trusted partner of Withings for a long time. Their intimate knowledge of the healthcare space and strong understanding of Withings’ technology assets have been instrumental in structuring this growth equity financing and allowed us to get the support of a strong and synergistic base of shareholders.” 

Clipperton’s Track Record in Health & Fitness 

This transaction reinforces Clipperton’s expertise in advising health and fitness technology companies, from connected health and remote patient monitoring to healthcare software and digital fitness. It follows transactions such as Implicity’s €35m growth equity funding from IRIS and Five Arrows for its AI-driven cardiac remote monitoring platform, Kinvent’s €16m fundraising led by Eurazeo for its connected physiotherapy solutions, Merieux Equity Partners’ $150m growth financing in DentalMonitoring, and Inpart’s $70m investment from Carlyle for its biopharma collaboration SaaS platform. In digital fitness, Clipperton recently advised ROUVY, the real routes cycling app, on its sale to Zwift. 

Deal Team 

About Clipperton

Clipperton is a leading international investment bank dedicated to technology and growth companies, with offices in Paris, New York, Berlin, and Munich, as well as partnerships in the Netherlands, the UK, Switzerland, China, Italy, and Spain. We provide strategic and financial advisory services to entrepreneurs, corporates, and top-tier investors in Europe who are looking to execute strategic M&A, private equity, private placements, and debt financing transactions. Founded in 2003, we have completed over 500 deals with fast-growing technology businesses, blue-chip corporates, and renowned financial investors.