Wearable fitness company Whoop raises $100 million during pandemic

Wearable fitness company Whoop raises $100 million during pandemic

Patrick Mahomes is an investor in Whoop’s latest financing.

Source: Whoop

Some of the sport’s biggest names are investing in wearables companies. whoop In a global pandemic.

The fitness tracking company announced on Wednesday that it had closed its $100 million financing round and has valued it at $1.2 billion.

The latest investors include Super Bowl MVP. Patrick Ma Holmes, Champion golfer Laurie McKiloy and Justin Thomas, Arizona Cardinals wide receiver Larry Fitzgerald and 2nd NBA Finals MVP Kevin Durant (via Business Ventures ThirtyFive Ventures).

Whoop creates a fitness tracker that allows you to monitor essential information such as exercise, sleep and exercise. It was a fitness tracker of choice by many famous professional athletes Monitoring potential symptoms of Covid-19 The sport is back again after the game was stopped due to the spring pandemic.

In a statement, McIlroy said, “I have always loved the Whoop product, but I have found that the Whoop business has been equally good. I am proud to reinvest in this financing and I am very excited about the company’s outlook.” The four-time major champion also serves as Whoop’s global ambassador.

The funding round was led by venture capital firm IVP, which will have 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.

In an interview with CNBC, Whoop CEO Will Ahmed, “a lot of capital will be used for membership, overall experience, software, analytics and hardware investments.” “It’s to reinforce the coaching aspect of Whoop. We want to be a 24/7 lifetime coach and let you know what to do to improve.”

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The Boston-based sports wearable company started in 2012 and now has more than 330 employees after a recent surge in employment. Ahmed said the company hired 200 new employees in 2020.

The company will not provide sales figures, but it says its subscribers are growing rapidly over the past 12 months as interest in health grows during the epidemic. Whoop has raised over $200 million to date.

Eric Liaw, IVP’s general partner, said in a statement: “Whoop has built a brand of best-in-class wearable technology and an ambitious brand that has led the company into an impressive period of overgrowth.”

Ahmed said Whoop members are diverse from professional athletes, Fortune 500 CEOs and fitness enthusiasts. The sensored nylon band is designed to help users improve their overall health by collecting data that measures everything from exercise levels to sleep patterns. Whoop’s business model is based on a subscription service. Users sign up for a monthly subscription starting at $30, and wearable devices are included for free.

Whoop has been successful in recent years and, as many users have noticed, has posted a global profile during the pandemic. Changes in health scores as an early indicator of coronavirus symptoms.

Ahmed said Whoop members have reported “thousands of times” Covid-19 symptoms through the app and the company will make further announcements. In July study You will get peer review soon.

Whoop raised $100 million to value the company at $1.2 billion.

Source: Whoop

June PGA Tour Golfer Nick Watney said it was the wearable fitness tracker who was the first to warn that he might have been infected with the coronavirus.. Ahead of the RBC Heritage event, Watney noticed a surge in breathing rates on Whoop’s app. Although she did not feel any physical symptoms related to Covid-19, Watney decided to get tested and found it positive for the virus.

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Following his diagnosis, PGA Tour signed a contract with Whoop to provide products to all golfers and caddy who wanted to tour. The Tour has recently finished the season and has had fewer than 10 positive cases in 18 events.

Companies today Tory birch My office uses Whoop to track health and fitness. Ahmed said that the corporate opportunity has become a meaningful business for Whoop, who is working with a large number of companies who want to help their large audience and teams better understand their body and health.

“When building a business, I think you have to adapt to the environment,” said Ahmed. “We had to learn how to support our customers at unusual times, but only at a time when health monitoring became more and more important,” he said.

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About the Author: Warwick Clark

Explorer. Communicator. Introvert. Typical problem solver. Devoted writer. Unapologetic coffee advocate.

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