- Whoop has closed a $100 million Series E Financing round, valuing the company at $1.2 billion.
- Several professional athletes including Patrick Mahomes and Rory McIlroy are investors in the company
- Whoop has seen a surge in business during the coronavirus pandemic as it has been an effective tool for some of its users in noticing early onset Covid symptoms.
Some of the biggest names in sports are investing in the wearable company Whoop amid a global pandemic.
The fitness tracking company announced Wednesday it closed a $100 million financing round, valuing it at $1.2 billion.
The latest round of investors includes Super Bowl MVP Patrick Mahomes, champion golfers Rory McIlroy and
Arizona Cardinals wide receiver Larry Fitzgerald and two-time NBA Finals MVP Kevin Durant (via his business venture ThirtyFive Ventures).
Whoop makes fitness trackers that can monitor vitals like movement, sleep and workouts. It’s been the fitness tracker of choice for a number of recognizable pro athletes, and has been used to help monitor potential symptoms of Covid-19 as sports came back after play was suspended due to the pandemic in the spring.
“I’ve always loved Whoop the product, but I learned that Whoop the business was just as good. I’m proud to be investing again in this round of financing and very excited about the company’s prospects,” McIlroy said in a statement. The four-time Majors Champion also serves as a global ambassador to Whoop.
The funding round was led by venture capital firm IVP, which will get a board seat with Whoop. Other participating investors include SoftBank Vision Fund 2, Accomplice, Two Sigma Ventures, Collaborative Fund, Thursday Ventures, Nextview Ventures, Promus Ventures, Cavu Ventures and D20 Capital.
“A lot of the capital will go towards investing in membership, the overall experience, software, analytics and hardware,” Will Ahmed, Whoop CEO said in an interview with CNBC. “It’s really about bolstering the coaching aspect of Whoop. We aspire to be a 24/7 life coach to tell you what you need to do to improve.”
The Boston-based sports wearable company got its start in 2012 and now has more than 330 employees after a surge of recent hires. Ahmed said the company has hired 200 new employees in 2020.
The company wouldn’t provide revenue numbers but said its subscribers have been growing quickly over the last 12 months due to an increased interest in health during the pandemic. Whoop has raised more than $200 million in funding to date.
“Whoop has built best-in-class wearable technology and an aspirational brand that have propelled the company to an impressive period of hypergrowth,” Eric Liaw, General Partner at IVP, said in a statement.
Ahmed said Whoop members range from professional athletes, Fortune 500 CEOs and fitness enthusiasts. The nylon band equipped with sensors is designed to gather data to measure everything from exertion levels