WHOOP bags $100 million in Series E funding with backing from SoftBank, IVP, Eli Manning; becomes the latest unicorn at $1.2 billion valuation
Whoop, the Boston-based health tech startup and the maker of a wearable device that tracks sleep among other health metrics, has raised $100 million Series E funding with back from investors including venture capital firm IVP, SoftBank Vision Fund, and athletes including Eli Manning, Larry Fitzgerald, and Patrick Mahomes. Whoop has raised more than $200 million since its inception eight years ago.
Existing investors including basketball star Kevin Durant’s Thirty Five Ventures, golfers Rory McIlroy and Justin Thomas and billionaire cryptocurrency bull Mike Novogratz also participated in the funding round, as did firms including Two Sigma Ventures, Accomplice, Collaborative Fund, Thursday Ventures, NextView Ventures, Promus Ventures, Cavu Ventures and D20 Capital.
WHOOP will use the new capital infusion to accelerate product and software development, global expansion, and membership services. Whoop will also use the fund to develop technology and accelerate growth by bolstering marketing in countries to which it already ships such as Australia, France, Germany, and Spain.
Founded in 2012 by Aurelian Nicolae, John Capodilupo, and Will Ahmed, Whoop provides athletes, coaches, and trainers with a continuous understanding of strain and recovery to balance training, reduce injuries, and predict performance. It creates a product that makes individuals and teams perform at a higher level through a deeper understanding of their bodies and daily lives. Its flagship wearable device, the WHOOP Strap 3.0, collects physiological data 24/7 to provide an accurate and granular understanding of the body. WHOOP has more than 330 employees, including over 200 new hires in 2020.
Whoop charges a monthly subscription fee in exchange for providing data to users — collected from the Whoop Strap it supplies at no additional cost — that can influence how they work out, recover and sleep. After four months of use, members dedicated an additional 41 minutes to sleep each night and reduced their resting heart rates by about 4.4 beats per minute, the company touts on its website.
“We will continue to make WHOOP the best product experience for measuring and improving health,” said Will Ahmed, WHOOP Founder & CEO. “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.”
WHOOP is a monthly subscription for 24/7 health monitoring across sleep, recovery, strain, and more. The WHOOP membership includes free hardware (WHOOP Strap 3.0) and a coaching platform designed to optimize behavior. Studies show that after a year on WHOOP, members experience longer and more consistent sleep, improved physiology, enhanced physical performance, and meaningful lifestyle changes.
“WHOOP has built best-in-class wearable technology and an aspirational brand that have propelled the company to an impressive period of hypergrowth,” said Eric Liaw, General Partner at IVP, who has joined the WHOOP Board of Directors. “We are excited to partner with a strong leadership team as WHOOP continues to revolutionize the market for human performance.”