Whoopee! Health monitoring firm bags $100 million in funding: WHOOP valued at $1.2 billion in Series E financing led by IVP.
Health monitoring company WHOOP announced today it has closed a $100 million Series E financing at a $1.2 billion valuation led by venture capital firm IVP and joined by a host of other investors. The firm initially developed an advanced wearable technology for optimizing human performance and today works with everyone from professional athletes to fitness enthusiasts to executives.
Longevity.Technology: With more than 330 employees, including over 200 new hires in 2020, WHOOP has raised more than $200 million to date. The company plans to invest its new funding 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.”
Customers pay a monthly subscription for 24/7 health monitoring of factors such as sleep, recovery and strain. They also received the company’s WHOOP Strap wearable device and a coaching platform designed to optimize behaviour.
WHOOP claims that, after one year of use, its members experience longer and more consistent sleep, improved physiology, enhanced physical performance, and meaningful lifestyle changes.
IVP is one of the leading later-stage venture capital and growth equity firms in the United States, and has invested in over 400 companies. Tellingly, the firm has also been involved in 115 IPOs. Eric Liaw, General Partner at IVP, joins 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,” said Liaw. “We are excited to partner with a strong leadership team as WHOOP continues to revolutionize the market for human performance.”
Such is WHOOP’s success among professional athletes that many of the world’s leading athletes are also investors in this round, including NBA player Kevin Durant, NFL players Larry Fitzgerald, Patrick Mahomes and Eli Manning, and golfers Rory McIlroy and Justin Thomas.