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Whoop valued at $1.2bn after $100m Series E funding

Patrick Mahomes (Credit: Whoop)

Wearable technology provider Whoop has been valued at $1.2bn following a $100m Series E financing led by late stage venture capital firm and growth equity firm IVP.

Participating investors in the latest funding round also include SoftBank Vision Fund, Accomplice, Two Sigma Ventures, Collaborative Fund, Thursday Ventures, Nextview Ventures, Promus Ventures, Cavu Ventures, and D20 Capital.

A number of professional athletes have invested as well, including Kevin Durant (via his business company ThirtyFive Ventures), Larry Fitzgerald, Patrick Mahomes, Eli Manning, Rory McIlroy, and Justin Thomas.

The Boston, Massachusetts-based Whoop will primarily invest these new funds in product and software development, global expansion, and membership services.

“We will continue to make Whoop the best product experience for measuring and improving health,” Whoop founder and chief executive Will Ahmed said in a statement. “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.”

As part of the agreement, IVP general partner Eric Liaw has joined the Whoop board of directors.

“Whoop has built best-in-class wearable technology and an aspirational brand that have propelled the company to an impressive period of hypergrowth,” Liaw said. “We are excited to partner with a strong leadership team as Whoop continues to revolutionize the market for human performance.”

Whoop has more than 325 employees, including over 200 new hires in 2020, and has raised more than $200m to date.

Whoop has partnered with a number of sports organizations to provide its wearable devices to athletes to monitor their strain, recovery and sleep.

The Whoop Strap 3.0 has also been used by these organizations to safely return in the wake of the global Covid-19 pandemic to identify elevate respiratory rates that may indicate the virus before the onset of symptoms.

Partnerships include the National Football League Players AssociationPGA Tour, Ladies Professional Golf Association, Premier Lacrosse League, and University of Tennessee.