Whoop’s valuation just tripled to $10 billion

Whoop, a company specializing in fitness and health tracking wearables, has successfully secured $575 million in a Series G funding round, achieving a valuation of $10.1 billion. This valuation is nearly three times its previously reported value of $3.6 billion. The deal involves contributions from sovereign wealth funds, major health institutions, and some of the most well-known athletes worldwide.

Collaborative Fund led this funding round, with participation from Mubadala Investment Company, Qatar Investment Authority, 2PointZero Group, Abbott, Mayo Clinic, Macquarie Capital, IVP, Foundry Group, Accomplice, Affinity Partners, Glade Brook, B-Flexion, Promus Ventures, and Bullhound Capital. Notable individual investors include Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller, and Niall Horan, among other famous athletes and celebrities.

In total, the company has raised approximately $900 million since its inception.

A significant addition to the investment group is Abbott, the renowned medical device company. Whoop founder and CEO Will Ahmed mentioned that this partnership indicates a broader expansion into health and medical capabilities, although more details on this development are expected.

This funding round comes as Whoop reaches significant business milestones, according to Ahmed. By the end of last year, the company had reached a bookings run rate of $1.1 billion, marking a 103% increase from the previous year. Ahmed emphasized that bookings are the most accurate metric to gauge performance, especially when managing the complexities of shipping millions of hardware units globally while maintaining a subscription service. This approach captures the intricacies of inventory management, hardware costs, and recurring revenue better than software-only companies.

Looking ahead, Ahmed highlighted plans to use the new capital for talent acquisition, marketing efforts, brand development, ongoing research and development, and accelerating international growth.

A key question surrounding this significant funding round is whether Whoop plans to go public. While rival company Oura is reportedly considering an IPO this year, Ahmed remarked that Whoop is preparing to become a public company but did not confirm any immediate plans for an IPO.

As a consumer brand with significant recognition among health-conscious and performance-driven users, Whoop could attract considerable interest from retail investors if it chooses to go public. For now, the company enjoys a strong position with ample resources and a growing valuation.

You can listen to our full conversation with Ahmed, where we also discussed the company’s beginnings, its ambitious hiring plans, and how Whoop is integrating AI into its operations. Additional insights into Ahmed’s expansion into healthcare and its implications for the brand are available here.