Digital well being and health firm WHOOP has boosted its valuation to $3.6 billion after securing $200 million in a Sequence F funding spherical led by SoftBank Imaginative and prescient Fund 2. Extra traders embody IVP, Cavu Ventures, Thursday Ventures, GP Bullhound, Confederate, NextView Ventures and Animal Capital.
At the moment’s funding announcement comes lower than a yr after WHOOP earned unicorn standing following its $100 million Sequence E elevate. The corporate now has $400 million in complete funding.
WHAT IT DOES
WHOOP has developed a membership program that gives members with its wearable well being tracker that collects physiological knowledge across the clock and entry to the corresponding app that shows well being analytics and connects customers with one another.
Along with monitoring coronary heart fee and motion, the WHOOP Strap captures sleep, pressure and restoration metrics to assist customers perceive their well being traits and unlock their health potential.
The corporate stresses the significance of a linked neighborhood to encourage each other and boasts a person base that features skilled golfers Rory McIlroy and Justin Thomas, Tremendous Bowl Champion Patrick Mahomes and extra.
WHAT IT’S FOR
As WHOOP continues its development trajectory, it plans to place the brand new money towards analysis and improvement, product enhancements, market enlargement, acquisitions, hiring, and rising each its skilled and novice athlete person base.
It hopes to construct upon its not too long ago launched options that embody WHOOP person chat rooms, menstrual cycle teaching, ranges and in-app membership providers. Moreover, the corporate is planning its development by rising its staff to 1,000 members by the top of 2022 and by launching internationally throughout Europe and Asia.
“We’re thrilled to deepen our partnership with SoftBank as we develop internationally,” Will Ahmed, WHOOP founder and CEO, stated in a press release. “Whereas now we have skilled wonderful development previously yr, the potential of our know-how and the huge marketplace for well being monitoring stays largely untapped.”
As part of its funding, SoftBank Funding Director Kristin Bannon is becoming a member of WHOOP’s board of administrators.
The wearable gadgets market is slightly crowded today with massive names like Apple, Fitbit, Garmin and Samsung. Peloton is also becoming a member of the wearable house as studies circulated this summer time claiming it’s engaged on a heart-rate monitoring armband.
Ahmed has made no qualms calling out WHOOP’s competitors for seemingly copying his design. When Amazon launched its Halo tracker final year, many noticed similarities between the 2 gadgets, driving Ahmed to Twitter saying, “Sure, Amazon imitated our industrial design @whoop and sure they met with us as potential traders years in the past below the Alex Funda.”
The recognition of those health trackers is anticipated to generate $13 billion in 2021, a 12% development over the yr earlier than, in keeping with the Shopper Expertise Affiliation.