Whoop, a wearable health tracking company, has closed a $575 million Series G funding round at a valuation of $10.1 billion — nearly triple its last reported valuation of $3.6 billion — in a deal that includes private equity funds, major health institutions, and some of the world’s most famous athletes.
The round was led by the Collaborative Fund and includes 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. Individual investors include Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller, and Niall Horan, among other prominent athletes and celebrities.
The company has now raised approximately $900 million in total since its inception.
A notable addition to the cap table is Abbott, the medical resource giant. Whoop co-founder and CEO Will Ahmed told me that the partnership is indicative of health and wellness moving forward, though he noted that “there’s more to come” from that particular announcement.
The funding comes as Whoop reaches major business milestones, according to Ahmed. The company came out last year with bookings of $1.1 billion, up 103% year over year. Speaking to TechCrunch last week, Ahmed made a point to explain why bookings are the right metric to focus on: When you’re shipping millions of hardware units around the world while running a subscription business, investors need to understand the financial power of managing all of that at once — inventory, hardware costs, and recurring revenue all at once. It’s a more complex picture than a pure software company, and Booking captures it very well.
As for what comes next with all that money, Ahmed pointed to talent and recruitment, marketing and product awareness, and continued R&D investment, as well as accelerating international expansion.
The obvious question that looms over a cycle of this size at this valuation: Is an IPO coming? (Rival Oura is reportedly talking to bankers about setting up its own this year.) Ahmed said the company was doing “a lot of work to be unapologetic about being a public company” but stopped short of signing off on any imminent plans to list.
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Given that Whoop is a consumer brand with huge name recognition among health-conscious and performance-oriented users, it’s the kind of company that could generate real investor interest whenever it decides to do so. Currently, Whoop has an additional runway, and a much larger number next to its name.
You can listen to our full interview with Ahmed, where we also talk about the company’s early days, its current big hiring plans, and how Whoop is incorporating AI into its business. Alternatively, you can read about Whoop’s big push into healthcare and what it means for the brand here.
