Boston-based digital fitness startup Whoop has announced a $100 million Series E investment that spikes the valuation of the company at $1.2 billion, making it a business unicorn. The round was led by IVP 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, as well as additional private investors.
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,” 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.”
WHOOP is a wrist-worn wearable device with a monthly subscription that is designed to improve training, sleep, and lifestyle choices with real-time feedback on the body. Its effortless social media integration further augments the user experience with compelling graphic design and easy in-app capture for ultimate connectivity. The WHOOP membership includes free hardware (WHOOP Strap 3.0) and a coaching platform designed to optimize behavior. Studies show that after a year on WHOOP, members experience longer and more consistent sleep, improved physiology, enhanced physical performance, and meaningful lifestyle changes. The company has more than 330 employees, including over 200 new hires in 2020, and has raised more than $200 million to date. Visit whoop.com/locker to learn more about the Series E round and use of capital, according to a press release.
“WHOOP has built best-in-class wearable technology and an aspirational brand that have propelled the company to an impressive period of hypergrowth,” said Eric Liaw, General Partner at IVP, who has joined the WHOOP Board of Directors. “We are excited to partner with a strong leadership team as WHOOP continues to revolutionize the market for human performance.”
With $7 billion of committed capital, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 400 companies with 115 IPOs. IVP is one of the top-performing firms in the industry and has a 39-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments.