Withings: Carreel Family Now Holds 90% of the Company

From Nokia back to independence

Withings was created in 2008 and acquired by Nokia in April 2016, as the Finnish group sought a foothold in digital health. Two years later, in 2018, Nokia sold the connected-health business back to Carreel because it was no longer a priority; the price was not made public. Carreel relaunched the brand in 2019 with new products.

The company combines hardware, software and data, and aims to collect health measurements at home that can be used by individuals, clinicians and research bodies. It showed a blood pressure monitor with a built-in ECG at CES 2019. Withings says it spends between 20% and 27% of revenue on R&D, has published 170 studies, 31 of them in 2025, and counts more than one million patients followed in programs using its devices.

A bumpy road to profit

In July 2020 Withings raised 53 million euros in a round led by Gilde Healthcare, Idinvest Partners and Bpifrance. Sales rose 50% between March and December 2020. Then came a harder period: for 2022, revenue reportedly reached 93 million euros with a 19 million euro loss, after more than 100 million euros in 2021.

What comes next

The challenge now is to grow health revenue. According to information released in July, Withings Health Solutions accounted for 17% of sales. Services and subscriptions will show whether the company can extend its relationship with users and professionals beyond the sale of a device. Cash on hand remains the key indicator of its financial autonomy, and upcoming results will show how tighter family control translates into investment, products and service adoption.