Jawbone has raised $165 million from the Kuwait Investment Authority to fund its operations and introduce new products to the market, Re/code is reporting. Also, the maker of the UP fitness and sleep tracking devices said that its president Sameer Samat will be leaving to take another job at Google though he’ll remain associated with Jawbone both as an advisor and investor.
As part of its efforts to retain talent and stay competitive, the company has created a 30 percent equity pool for its current employees. Retaining high-quality employees is becomes a problem for Jawbone, which has last year entered into a legal battle with Fitbit over poaching their staff and stealing their IP. That battle, in which Fitbit responded with a countersuit, has yet to get its epilogue in a court.
Samat’s departure comes eight months after his hiring from Google, where he served as a vice president of shopping and travel products. Now that he’s back in Mountain View, Samat will be reportedly working within the Google Play area under Jamie Rosenberg handling basically the same thing.
In addition to the Kuwait Investment Authority, Jawbone’s investors include Andreessen Horowitz, BlackRock, Deutsche Telekom, JP Morgan, Khosla Ventures, Kleiner Perkins Caufield & Byers, Sequoia Capital, Silver Lake Partners, SV Angel, and Wells Fargo. To date, the company has raised more than a billion in funding.