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In 2018, the startup was valued at USD 125 million after raising USD 25 million in a funding round. However, CEO Ahmed refused to disclose the valuation of the company after this funding round, only describing it as healthy
Fremont, CA: Fitness wearable manufacturer Whoop raised USD 55 million in a Series D funding round led by Foundry Group, with participation from Two Sigma Ventures, Accomplice, Thursday Ventures, Promus Ventures, Silicon Valley Bank, and a hots of notable angel investors, including Netflix co-founder and former CEO Marc Randolf. The Boston based startup makes sensor-equipped, screen-free strap that continuously tracks your activities 24/7 and then provides a multitude of performance metrics and other data based on that activity. As part of the deal, Chris Moody, a partner at Foundry Group, will join the company’s board of directors.
The company will be using the additional funds towards the expansion of the business, incorporating a more extensive range of wearables and analytics that can be gathered around them. Devices measuring strain caused by a workout, amount of deep sleep and amount of light sleep, what level of training is safe and injury-free, etc. are common everywhere today. The future will likely have sensors in a lot more places than now. "You'll see Whoop overtime being worn throughout your body," CEO Will Ahmed said. "The tech can live in other areas of the body, and people will not even know you are wearing a sensor. We like the idea of tech being invisible while still being there."
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With this round of funding, the total capital raised by the company stands at over USD 100 million. In 2018, the startup was valued at USD 125 million after raising USD 25 million in a funding round. However, CEO Ahmed refused to disclose the valuation of the company after this funding round, only describing it as healthy. "We will continue to grow our membership globally and make Whoop the best experience for our members. Human performance is a new category, and Whoop has emerged as both the pioneer and the market leader,” said Ahmed.
Unlike most of its competitors, Whoop does not have a step counter or a calorie counter. It also lacks a GPS enabled tracker and a display screen. The device is strictly created, keeping physiological metrics in mind, such as heart rate variability, resting heart rate, and sleeping performance. It leverages this data to calculate the levels of fatigue and stress on the body, allowing users to optimize their training and sleep schedule, and track how their body is evolving and improving over time. "We've collected data on tens of millions of sleep and workouts using machine learning together with physiologically-inspired models, enabling us to provide personalized predictions and insights," said Whoop co-founder and chief technology officer (CTO) John Capodilupo.
Currently, Whoop's wearable and analysis software is used by professional athletes such as sports teams in the National Basketball Association (NBA) and Major League Baseball (MLB). The company also offers a range of consumer-focused products. Instead of selling the hardware to customers, the company offers them membership services starting at USD 30 per month, for a minimum time period of 6 months. After 6 months, the customer is free to cancel the program and will get to keep the Whoop device, along with all the data collected up to the date of expiry of membership.
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