Patrick Mohames is an investor in the latest round of Whoop funding.
Some of the biggest names in the sport are investing in the wearable company Whoop amid a global pandemic.
The fitness tracking company announced on Wednesday that it has completed a $ 100 million round of funding, valuing it at $ 1
The latest round of investors includes Super Bowl MVP Patrick Mahomes, golf champions Rory McIlroy and Justin Thomas, Arizona Cardinals broadcaster Larry Fitzgerald and two-time NBA Finals MVP Kevin Durant (through his business firm ThirtyFive Ventures).
Whoop makes fitness trackers that can monitor vital factors such as movement, sleep and training. This is the chosen fitness tracker for a number of recognizable professional athletes and has been used to help track the potential symptoms of Covid-19 as the sport returned after the game was stopped due to the spring pandemic.
“I have always loved the Whoop product, but I have learned that the Whoop business is just as good. I am proud to be reinvesting in this round of financing and I am very excited about the company’s prospects,” McIlroy said in a statement. The four-time Major Champion also serves as global ambassador for Whoop.
The funding round was led by venture capital firm IVP, which will get a seat on board with Whoop. Other participating investors include SoftBank Vision Fund 2, Partner, Two Sigma Ventures, Collaborative Fund, Thursday Ventures, Nextview Ventures, Promus Ventures, Cavu Ventures and D20 Capital.
“Much of the capital will go to investing in membership, overall experience, software, analytics and hardware,” said Will Ahmed, CEO of Whoop, in an interview with CNBC. “It’s actually about strengthening the coaching aspect of Whoop. We strive to be a 24/7 life coach to tell you what you need to do to improve.”
The Boston-based sports carrier company started in 2012 and now has more than 330 employees after the wave of recent rents. Ahmed said the company hired 200 new employees in 2020.
The company would not provide revenue numbers, but said its subscribers have grown rapidly over the past 12 months due to increased interest in health during the pandemic. To date, Whoop has raised more than $ 200 million in funding.
“Whoop has built best-in-class wearable technology and an ambitious brand that has pushed the company into an impressive period of overgrowth,” Eric Liau, general partner at IVP, said in a statement.
Ahmed said Whoop members range from professional athletes, Fortune 500 executives and fitness enthusiasts. The nylon strap, equipped with sensors, is designed to collect data to measure everything from load levels to sleep modes to help users improve their overall health. Whoop’s business model is based on a subscription service. Users sign up for a monthly subscription starting at $ 30, and wearable devices are included for free.
Whoop saw recent success and raised its global profile during the pandemic, as many users noticed changes in their health outcomes as early indicators of coronavirus symptoms.
Ahmed said Whoop members have reported the symptoms of Covid-19 “thousands of times” with the app, and the company will have additional messages in its July study, which is yet to be reviewed.
Whoop has raised $ 100 million, valuing the company at $ 1.2 billion.
In June, PGA Tour golfer Nick Watney said his wearable fitness tracker first warned him he might have a coronavirus. Prior to the RBC Heritage event, Watney noticed that his breathing rate had jumped from the Whoop app. Although he did not experience any of the physical symptoms associated with Covid-19, Watney decided to get tested and found it to be positive for the virus.
Following his diagnosis, PGA Tour signed a contract with Whoop to make their product available to all golfers and touring tubs who wanted one. The tour ended its last season with less than 10 positive cases over 18 events.
Today, companies like Tory Burch use Whoop in their offices as a way to track their health and fitness. Ahmed said the opportunity for entrepreneurship has become a significant business for Whoop, working with a number of businesses that want to be able to help the general public and teams better understand their bodies and health.
“I think when you build a business, you have to adapt to the environment,” Ahmed said. “We had to learn how to support our customers during unusual times, but also at a time when health monitoring is becoming increasingly important,” he said.