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.
- 2021Last raise: a $30M Series B at a $200M valuation
- Jun 2025Series 3+ adds AI behavior tracking; Amazon, Costco and Chewy follow
- 2026Fi Ultra named to TIME’s Best Inventions
- Aug 2026Nearing $100M ARR, business up about 7x since 2021
- Nov 2026~66 live US Meta ads; partners give the collar away
What the public numbers add up to.
Three years of one customer
Five plays behind the growth.
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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 →
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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 →
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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 →
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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 →
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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
One brand ad, two partner ads.
- 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
- AdvertiserBlossom with The Pets Table, personalized dog food
- OfferFree Fi S3+ or Fi Mini, plus 60% off the first box
- Headline“Get a FREE Fi GPS Collar!”
- AdvertiserImpact Dog Crates
- Offer22% off select crates, plus a free Fi smart collar
- Headline“22% Off + a FREE Fi Collar”
The shop page sells the trial.
- 1A dated promo“30% off any Fi with code SALUTE”, ends Nov 11.
- 2Big review count4.7 stars from 36,000+ reviews.
- 3A way out for the unsure“Not sure? Take the 60-second quiz.”
- 4Sticky bar$129 and “Select a size” stay on screen.
- 5Promo price on the card“$90 with promo” under the $129 list price.
- 6Sized by dog weightXS under 10 lb to XL over 95 lb.
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.
Safety first, price second.
“If you can do it without, why wouldn’t you?”
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.
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
Where every number comes from.
- 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
- Fi, “Fi Membership Billing,” Help Center (membership required, $99, $186 and $248 plans), viewed Nov 10, 2026. support.fitracking.com
- 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
- Fi, homepage (TIME badge, AirTag comparison, Search Party, $90.30 sale price), viewed Nov 10, 2026. fitracking.com
- 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
- TIME, “Fi Ultra: The Best Inventions of 2026.” time.com
- 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