Foxconn Investment Turns GoPro Camera Inventor Into A Billionaire
Taiwanese electronics manufacturer Foxconn has bought an 8.88% stake in Woodman Labs for $200 million - an investment which values the company behind the GoPro camera at $2.25 billion, according to Forbes.
Nicholas Woodman, who created GoPro, owns a majority stake in Woodman Labs, which at a minimum 51% stake puts his net worth at least $1.15 billion, said Forbes.
"GoPro and Foxconn share a vision of the future where content capture, creation and sharing will become an increasingly important form of communication," Woodman told Forbes.
Woodman, 36, was an avid surfer when he created the GoPro camera in 2004, which he designed to strap on to the end of his surf board and take high quality pictures of him in action.
The camera has since developed to record full HD 1080p video and has become the default camera for filming extreme sports such as skiing and skydiving.
Foxconn announced its investment in a company press release.
"I saw a great opportunity in investing in GoPro, not only the company's product lines but also the man who is running the company," said Foxconn CEO Terry Gou. "The first time I saw Nick Woodman, I immediately knew he was an outstanding entrepreneur who has the caliber to be very successful in this business. And together with Foxconn, the outlook of this company is even brighter as we commit to helping it achieve its fullest potential."
Foxconn is most well-known for manufacturing devices such as the iPhone, iPad, PlayStation and Xbox. The investment in GoPro means that the Taiwanese firm will now have a seat on Woodman Labs' board.