The wearable fitness company reaches new heights after $200 million SoftBank investment.
WHOOP, a wearable fitness company, announced this week that it raised $200 million in its mission to become the leading personalized health and wellness coach for users. Founded in 2012, WHOOP now has a valuation of $3.6 billion.
The company has caught the eye of professional athletes as well as Navy SEALs and fitness fans.
The current WHOOP valuation is the result of investments from IVP, Cavu Ventures, Thursday Ventures, GP Bullhound, Accomplice, NextView Ventures, and Animal Capital. WHOOP says it plans to use the investments for further research and developments, hire talent, and craft biometric data visualization for users. The human performance company also hopes to attract leading tech companies to enhance the membership experience and enter new markets.
WHOOP’s current platform focuses on three aspects of a user’s lifestyle: sleep, recovery, and strain with 24/7 coaching via monthly subscription. Included in the membership is a free fitness band with a boastful battery life of up to five days. The wearable tech company aims for its users to achieve meaningful health improvements with personalized feedback using targeted accuracy. WHOOP also offers app features such as menstrual cycle coaching and AMAs with top athletes and experts.
In a press release announcing the latest round of funding raising the valuation of WHOOP to over $3.5B, Will Ahmed, the company’s Founder and CEO, stated, “We are thrilled to deepen our partnership with SoftBank as we grow internationally. While we have experienced amazing growth in the past year, the potential of our technology and the vast market for health monitoring remains largely untapped.”
WHOOP’s findings reveal that after four short months, members experience a better lifestyle in terms of health. Their data shows that members reduce their resting heart rate, increase heart rate variability, experience an additional 41 minutes of sleep a night and 60% fewer injuries, consume less alcohol, and have reduced travel-related exhaustion, as outlined on their website.
Partnered with NFLPA, CrossFit, and as the official fitness wearable of the PGA and LPGA tours, WHOOP also plans to combine its physiological data with global live sporting events. The WHOOP Live platform has already shared Nelly Korda’s heart rate during the Women’s PGA Championship as she received the gold medal and the strain score of Daniel Suarez as he raced at the Daytona International Speedway.
Kristin Bannon, Investment Director at SoftBank Investment Advisers, said that she is excited to continue the support of CEO Will Ahmed and the company. “WHOOP continues to experience tremendous user growth as they transform human performance, adding new features and products that are focused on enabling their users to lead healthier lives,” Ms. Bannon said in a recent press release. She is also set to join the WHOOP Board of Directors.
Already a favorite of professional athletes, other past investors in WHOOP include NBA’s Kevin Durant and NFL’s Patrick Mahomes and Eli Manning. With 500 employees and over 225 new hires in the last year, WHOOP has raised approximately $400 million and plans to open offices globally. In 2022, WHOOP will open offices worldwide, in addition to their Boston, Massachusetts headquarters.
Courtney Rehfeldt has worked in the broadcasting media industry since 2007 and has freelanced since 2012. Her work has been featured in Age of Awareness, Times Beacon Record, The New York Times, and she has an upcoming piece in Slate. She studied yoga & meditation under Beryl Bender Birch at The Hard & The Soft Yoga Institute. She enjoys hiking, being outdoors, and is an avid reader. Courtney has a BA in Media & Communications studies.