WHOOP, the creator of an app-connected smart wearable strap that tracks fitness activities, providing a multitude of performance metrics and other data, has closed a $100 million Series E financing at a $1.2 billion valuation.
IVP led the round with participation from SoftBank Vision Fund 2, Accomplice, Two Sigma Ventures, Collaborative Fund, Thursday Ventures, Nextview Ventures, Promus Ventures, Cavu Ventures, D20 Capital, and LionTree Partners.
Professional athletes investing include 2x NBA Finals MVP Kevin Durant (via ThirtyFive Ventures), 11x Pro Bowler Larry Fitzgerald, Super Bowl MVP Patrick Mahomes, 2x Super Bowl MVP Eli Manning, 4x Major Champion Rory McIlroy, and Major Champion Justin Thomas.
Founded in 2012, WHOOP has raised more than $200 million to date, including a $55 million Series D funding round in November 2019.
Whoop has developed a wearable strap that comes along with personalized coaching. According to the company, customers who join a monthly subscription service will get a wearable strap that captures physiological data, including sleep, fitness, and recovery. The data is then sent to a companion app, giving users insights about their training and recovery.
The WHOOP membership includes free hardware (WHOOP Strap 3.0) and a coaching platform designed to optimize behavior. WHOOP plans to 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,” said Will Ahmed, WHOOP Founder & CEO. “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.”
Fitness and health tracking Wearable Device makers raised almost $400 million during the first nine months of 2020, according to the latest Mercom report.