Sold for £50k: the smart watch firm Apple sunk

FITBUG, the fitness tracking startup once worth £296m, has been sold to an Australian firm for just £50,000 after years of being decimated by rivals such as Apple and Fitbit. Now known as Kin Group, the business was one of the first to offer gadgets that monitor steps, distance walked and calories burned. Following an explosion in the popularity of its products, it saw its value rise to as much as £296m in 2014.

But it proved unable to compete with rivals such as Fitbit and the launch of the Apple Watch was seen as the killer blow for the business. Both rivals were viewed as having better, more attractive technology. The firm tried to rebrand itself as a corporate wellness firm, and had tried to launch a tie-up that would see companies offer physical activities to staff in exchange for offers. This never really took off and after several years of struggling to compete, Fitbug confirmed yesterday it has finally been sold to Australian group SMG Investment Holdings for just £50,000 after calling in administrators in August.