Whoop Scores $100M Round
|Will Ahmed, Founder and CEO, Whoop.
Photo credit: Fortunebrainstormhealth, licensed under CC BY-NC-ND 2.0
Whoop, a company that makes fitness tracking devices, has raised $100 million in Series E funding that places its valuation at $1.2 billion. The funding came from a group of investors including IVP, the SoftBank Vision Fund, Nextview Ventures, Accomplice, and Two Sigma Ventures as well as individual investors including sports stars Kevin Durant (NBA), Eli Manning (NFL), and golfer Rory McIlroy. IVP was the lead investor.
With the new funding, Whoop has now raised over $200 million in equity financing to date. The new round follows what Whoop says was a period of ‘tremendous’ growth wherein it’s seen its membership and sales soar. The company will use its new capital to maintain its growth, with global expansion on its sights.
Whoop makes fitness trackers that can monitor vitals such as sleep, movement, and workouts. The company’s flagship fitness tracker has been adopted by a significant number of professional athletes and as of late been used to help monitor potential symptoms of Covid-19 in players. Whoop sells its wrist-wearable fitness trackers and also makes money from recurring memberships for its continuous use. The company’s membership fees begin from $30 and goes upwards from that range.
Whoop as a company was founded in 2012. It currently has over 330 employees, 200 of whom were hired just this year.
Whoop is based out of the city of Boston, Massachusetts.