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- Series G round includes private equity, health and athlete backers
- Firm will use funding to expand global presence ahead of flotation
Fitness technology firm Whoop has raised US$575 million in fresh funding, giving it a valuation of US$10.1 billion.
The Series G round was led by Collaborative Fund, with other participants including Mubadala Investment Company, Mayo Clinic and Macquarie Capital. One of the new backers is healthcare firm Abbot, which joins as a strategic investor, providing additional expertise and scale.
Meanwhile, athlete investors include Cristiano Ronaldo, LeBron James, Rory McIlroy and Virgin Van Dijk.
Whoop says the funding will be used to advance its technology and its global expansion ahead of an initial public offering (IPO) that could generate huge returns for its early investors.
“Our raise brings together the world’s most sophisticated investors, leading health institutions, and iconic global athletes behind the mission to unlock human performance and healthspan,” said Will Ahmed, founder and chief executive of Whoop. “We are building the personal health platform that people use to improve their health and livelihood.”
“Whoop has become one of the most important tools I use to support my long-term health,” said Ronaldo, who also serves as an ambassador for the company. “I am proud to participate in this round because I believe in the future we are building together. No other company has created a health platform this powerful that people are proud to wear.”
Whoop has graduated from a sleep and fitness tracker into a more comprehensive health platform, aiding not just performance but general wellbeing. It claims to have more than 2.5 million members, has partnered with the likes of OpenAI to create intelligent coach capabilities, and its technology is approved for use in many major sports events.
Whoop’s last raised significant capital in 2021, when it secured US$200 million in a Series F round at a valuation of U$3.6 billion. This latest round brings the total raised to nearly US$1 billion.
SportsPro says…
In a highly competitive fitness wearable market populated by tech giants and specialists alike, Whoop has long sought to differentiate itself through its focus on AI and sports science. Rather than just track various metrics, Whoop attempts to make sense of them, providing meaningful feedback to athletes, coaches and practitioners.
Whoop’s trackers are now worn by athletes in elite competition, many of whom are taking a direct financial stake in the company, which itself has partnered with several major organisations. These are major votes of confidence and sources of legitimacy for Whoop, giving it a significant advantage at a recreational level.
The huge valuation of Whoop is further evidence that connected fitness has matured from the boom and bust days of closed ecosystems during the pandemic into a long-term, sustainable market in which data, analytics and intelligence are the key differentiators.
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