Owlet
- 🦄Became a unicorn2021
- 📈Peak valuation$1.07 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$162M
How it happened
Owlet made the Smart Sock, a wearable tracking a sleeping baby's heart rate and oxygen levels, and went public via a SPAC merger that closed in July 2021 at an enterprise value of about $1.07B. Months later an FDA warning letter forced the flagship product off the US market, gutting revenue, and the stock collapsed far below its $1B debut. Glassdoor reviews from the 2022-23 trough recalled successive layoff rounds that sapped morale, raises frozen for years, and remaining staff absorbing the work of departed colleagues — even as reviewers kept praising the baby-saving mission while the company worked its way back with re-engineered, FDA-cleared products.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Bloomberg / MobiHealthNews (~$1.07B enterprise value via Sandbridge Acquisition SPAC, closed July 16 2021; FDA warning letter Oct 2021 forced its Smart Sock off the US market)
