Whoop valued at US$1.2bn after US$100m funding round

Big-name athletes and investment funds back fitness tracking company.

by Michael Long

Whoop valued at US$1.2bn after US$100m funding round
  • Boston-based firm achieves unicorn status after raising US$200m to date
  • Patrick Mahomes, Eli Manning, Rory McIlroy and Kevin Durant all invest
  • Round led by venture capital firm IVP, which gains set on Whoop board

Fitness tracker manufacturer Whoop has raised a further US$100 million in funding as part of a Series E financing round that values the firm at US$1.2 billion. 

The latest round was led by venture capital company IVP and also featured several top athletes, including National Football League (NFL) players Patrick Mahomes and Eli Manning, golfers Rory McIlroy and Justin Thomas, and National Basketball Association (NBA) star Kevin Durant, who is backing Whoop via his investment firm ThirtyFive Ventures.

Other investors in the round include SoftBank Vision Fund 2, Accomplice, Two Sigma Ventures, Collaborative Fund, Thursday Ventures, Nextview Ventures, Promus Ventures, Cavu Ventures and D20 Capital.

Boston-based Whoop, whose wearable fitness trackers have been used by top athletes to monitor potential symptoms of Covid-19, has seen its products surge in popularity this year owing, in part, to an increased interest in health during the pandemic.

Its wrist-worn straps collect round-the-clock physiological data, with monthly subscribers able to access training and recovery information and personalised coaching through a connected app.

“I’ve always loved Whoop the product, but I learned that Whoop the business was just as good,” McIlroy said in a statement. “I’m proud to be investing again in this round of financing and very excited about the company’s prospects.”

According to reports, Whoop, which competes with the likes of the Apple Watch and Google-owned Fitbit, has hired 200 employees in 2020, which amounts to more than half of its current workforce of 330. 

Founded in 2012 by current chief executive Will Ahmed, the company has raised more than US$200 million in funding to date, including US$55 million in a Series D funding round announced a year ago.

Twitter chief executive Jack Dorsey, Netflix co-founder Marc Randolf and the venture arm of the National Football League Players Association (NFLPA) having previously backed the firm, which maintains partnerships in sport with the likes of the PGA Tour, the Ladies Professional Golf Association (LPGA), and the Premier Lacrosse League.

Following the latest round, IVP general partner Eric Liaw has joined the Whoop board of directors.

“We will continue to make Whoop the best product experience for measuring and improving health,” Whoop founder and chief executive Will Ahmed said in a statement. “Human performance is a new category and Whoop has emerged as both the pioneer and market leader. We’re proud to partner with IVP and other prominent investors who share our vision.”