Brand breakdown · Pet tech

Fi sells a GPS collar that only works with a membership.

Close to $100M in recurring revenue and just under 1M users in 2026, with no new venture money since 2021, per its founder.

BLOOM10X did not work with Fi. This breakdown uses public sources only, linked below.

Hardware in, membership on
  1. 2021Last raise: a $30M Series B at a $200M valuation
  2. Jun 2025Series 3+ adds AI behavior tracking; Amazon, Costco and Chewy follow
  3. 2026Fi Ultra named to TIME’s Best Inventions
  4. Aug 2026Nearing $100M ARR, business up about 7x since 2021
  5. Nov 2026~66 live US Meta ads; partners give the collar away
~$100MAnnual recurring revenue it is on track for this year, per the founderPitchBook News · Aug 2026
<1MUsers, “a little under 1 million”PitchBook News · Aug 2026
~$40MRaised across three rounds, per PitchBook dataPitchBook News · Aug 2026
7xGrowth since the 2021 Series B, the founder’s estimatePitchBook News · Aug 2026
The numbers

What the public numbers add up to.

$100+Recurring revenue per user a year, about one 1-year planOur math: ~$100M ÷ just under 1M usersPitchBook News · Aug 2026
2.5xAnnual recurring revenue per dollar ever raisedOur math: ~$100M ÷ ~$40MPitchBook News · Aug 2026
$8.25A month on the 1-year plan; $6.89 on the 3-year planOur math: $99 ÷ 12; $248 ÷ 36Fi Help Center · Nov 10, 2026
$189Year-one cost: promo collar plus a 1-year planOur math: $90 + $99Fi shop + Help Center · Nov 10, 2026
48%Of year one is the collar; it falls to 23% over three yearsOur math: $90 ÷ $189; $90 ÷ ($90 + 3 × $99)Same pages
~66Live US Meta ads on the Fi pageMeta Ad Library · Nov 10, 2026

Three years of one customer

Annual plan · $387 3-year plan · $338 Collar, $90 promo Membership
Drawn by BLOOM10X to scale from the Series 3+ promo price and Fi’s plan prices, Nov 10, 2026. Tax and shipping left out.
The plays

Five plays behind the growth.

  1. Make the membership the product

    “An active Membership is required” for the Series 3+, Mini and Ultra; the tracker and membership are billed separately: $99 for one year, $186 for two, $248 for three (Fi Help Center). The subscription pays for cellular GPS and the AI features (PitchBook).

    Copy this: if your product has a refill, service or app, price it as the thing people keep paying for. LTV calculator →

  2. Take the risk out of the hardware

    On Nov 10, 2026 the $129 Series 3+ was $90 with a code, with a 30-day free trial (“just pay shipping”), 30-day returns, 1-year warranty and 1–2 day shipping, plus a 60-second quiz for the unsure (Fi shop).

    Copy this: put the trial, returns and shipping terms in the buy box, not the FAQ. Conversion →

  3. Name what the buyer already owns

    The homepage section “When it comes to tracking, AirTag can’t compare” says Bluetooth tags only work near iPhones and microchips only help after a dog is scanned (fitracking.com).

    Copy this: compare against the cheap thing in your buyer’s drawer, not your direct rival. Creative →

  4. Let other brands give the collar away

    A fresh dog food brand runs “Get a FREE Fi GPS Collar!” with its first box; a crate maker runs “22% Off + a FREE Fi Collar” (Meta Ad Library). Each free collar still needs a paid membership to work.

    Copy this: offer your entry product as a gift-with-purchase to brands that sell to your buyer. Seeding →

  5. Turn members into a feature

    “Search Party” alerts nearby Fi members when a dog is in Lost Mode, and the AI is trained on data from thousands of dogs (fitracking.com; Business Wire). Every new member makes the product better for the rest.

    Copy this: find one thing your customers can do for each other, and sell it. Retention →

The membership loop

Collar, $90 or freePromo code, trial, partner gift Membership, $99 a yearRequired for GPS Bigger Fi networkUnder 1M users, Aug 2026 Better productSearch Party, AI on more dogs Next buyer’s reason to join
Drawn by BLOOM10X from fitracking.com, Fi’s Help Center and Meta Ad Library, Nov 10, 2026, and PitchBook News, Aug 26, 2026.
Their ads

One brand ad, two partner ads.

A customer-style photo with a handwritten-style caption.Meta Ad Library, ID 1515108237341391 · started Nov 9, 2026
  • Hook“From smart to genius, Fi is changing pet parenting forever.”
  • Overlay“finally got one for him… so worth it”
  • Lands onshop.fitracking.com, the shop page, not the homepage
Buy box

The shop page sells the trial.

Screenshot: Fi shop page on a phone. A 30% off promo bar, Fi Series 3+ with 4.7 stars from 36,000+ reviews, a 60-second quiz link, a sticky $129 Select a size bar, $90 with promo, and sizes XS to XL by dog weight.
  1. 1
    A dated promo“30% off any Fi with code SALUTE”, ends Nov 11.
  2. 2
    Big review count4.7 stars from 36,000+ reviews.
  3. 3
    A way out for the unsure“Not sure? Take the 60-second quiz.”
  4. 4
    Sticky bar$129 and “Select a size” stay on screen.
  5. 5
    Promo price on the card“$90 with promo” under the $129 list price.
  6. 6
    Sized by dog weightXS under 10 lb to XL over 95 lb.
shop.fitracking.com/shop?selected=s3, phone view · Nov 10, 2026
$8.25A month, billed $99 up frontOur math: $99 ÷ 12Fi Help Center · Nov 10, 2026
$189Day-one total with the promo collarOur math: $90 + $99Fi shop + Help Center · Nov 10, 2026

Our wireframe of shop.fitracking.com on Nov 10, 2026. Not a copy of their page. Plan prices are from Fi’s Help Center; the shop page did not show them before a size was chosen.

The site

Safety first, price second.

Homepage: an award badge and “safe & healthy” before any price.fitracking.com · Nov 10, 2026
It names AirTag and microchips, the two things buyers already have.fitracking.com · Nov 10, 2026
Search Party: the member network sold as a feature.fitracking.com · Nov 10, 2026
Product cards show the sale price, not the membership.fitracking.com · Nov 10, 2026
The trial is a toggle in the buy box.shop.fitracking.com · Nov 10, 2026
“If you can do it without, why wouldn’t you?”
Jonathan Bensamoun, founder and CEO, on raising money, PitchBook News, Aug 26, 2026
What doesn’t transfer

Read it with three caveats.

  • The revenue is the founder’s number. ARR, user count and 7x growth come from one PitchBook interview. Fi publishes no filings.
  • A required membership only works when it is truly required. Fi’s GPS runs on a cellular connection, and the fee pays for it and the AI. A product with no running cost will struggle to charge for access.
  • Pet subscriptions can shrink. Compare The Farmer’s Dog, which grew on TV, with BarkBox, which shrank when it cut ad spend.
Copy this

Six moves for a $1M–$10M Shopify brand.

  • Price the part people keep paying for, not the box. LTV calculator
  • Put trial, returns and shipping in the buy box. Conversion
  • Compare against what your buyer already owns. Creative
  • Offer your starter product as another brand’s free gift. Seeding
  • Sell multi-year prepay and check the cash it frees up. Margin calculator
  • Know your payback before you discount the hardware. CAC calculator

Selling a device with a subscription?

Book a call. We’ll check what a customer is worth after the first year and what you can spend to get one.

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Sources

Where every number comes from.

  1. Jacob Robbins, “To become the Apple Watch of pet collars, Fi is keeping VC in the doghouse,” PitchBook News via Yahoo Finance, Aug 26, 2026 (ARR, users, ~$40M raised, $30M Series B at $200M in 2021, 7x growth, quote). yahoo.com
  2. Fi, “Fi Membership Billing,” Help Center (membership required, $99, $186 and $248 plans), viewed Nov 10, 2026. support.fitracking.com
  3. Fi, shop page (Series 3+ $129, $90 with promo, 36,000+ reviews, 30-day trial, returns, warranty, shipping), viewed Nov 10, 2026. shop.fitracking.com
  4. Fi, homepage (TIME badge, AirTag comparison, Search Party, $90.30 sale price), viewed Nov 10, 2026. fitracking.com
  5. Fi, “Fi Unleashes the World’s First AI-Powered Smart Dog Collar,” Business Wire, May 29, 2025 (Series 3+ on sale June 2, AI trained on data from thousands of dogs, Amazon, Costco and Chewy rollout). businesswire.com
  6. TIME, “Fi Ultra: The Best Inventions of 2026.” time.com
  7. Meta Ad Library, active US ads for the Fi page (~66 results) and ads 1515108237341391 (Fi), 1389297486614694 (Blossom with The Pets Table), 2048478769200926 (Impact Dog Crates), viewed Nov 10, 2026. facebook.com/ads/library

Find the leak before you buy more traffic.

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