Whoop, the wearable fitness and 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 3.6 billion dollars — in a deal that brings together sovereign wealth funds, major health institutions and some of the world’s most recognizable 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 Bull. 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 medical device giant Abbott. Whoop founder and CEO Will Ahmed told me that the partnership signals a broader push into health and medical capabilities, though he noted that there is “more to come” on this particular announcement.
The funding arrives as Wop hits some major business milestones, according to Ahmed. The company exited last year with a booking execution rate of $1.1 billion, up 103% year over year. Speaking with TechCrunch last week, Ahmed explained why bookings are the right metric to focus on: When you’re shipping millions of units of hardware around the world while running a subscription business, investors need to understand the cash dynamics of managing it all — inventory, hardware costs, and recurring revenue at the same time. It’s a more complex picture than a pure software company, and bookings capture it better.
As for what’s next with all this capital, Ahmed pointed to talent and hiring, marketing and brand awareness, and continued R&D investment, along with accelerating international expansion.
The obvious question that looms large in a round of this size at this valuation: Is an IPO coming? (Rival company Oura is mentioned talking to bankers about holding its own this year.) Ahmed said the company is doing “a lot of the unrepentant work of being a public company,” but stopped short of signaling any imminent plans to list.
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Given that Whoop is a consumer brand with a lot of name recognition among health- and performance-conscious users, it’s the kind of company that could generate real retail investor excitement whenever it decides to make this move. Meanwhile, Whoop has a lot more runway and a much bigger number next to its name.
You can hear in our full chat with Ahmed, where we also talked about the company’s early days, its huge hiring plans right now, 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.
