WHOOP, a wearable device company, announced Tuesday that it raised $575 million in Series G funding to support its global expansion.
The Boston-based company offers a wearable that goes on the user’s wrist, along with an app that offers 24/7 health insights on sleep, strain, stress and heart health. WHOOP then provides recommendations on how to adjust habits to improve health. Its most basic membership costs $149 for the first year, and then $199 renewal. This includes core fitness and recovery insights, strain and sleep tracking, strength training support and more.
The Series G round was led by Collaborative Fund and includes participation from 2PointZero Group, Qatar Investment Authority, Mubadala Investment Company, Abbott, Mayo Clinic, Macquarie Capital, Glade Brook, B-Flexion, IVP, Foundry, Accomplice, Affinity Partners, Promus Ventures and Bullhound Capital. Several celebrities and athletes also participated, including Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller and Niall Horan.
“WHOOP has become one of the most important tools I use to support my long-term health,” said Cristiano Ronaldo, a Portuguese soccer player, in a statement. “I am proud to participate in this round because I believe in the future we are building together. No other company has created a health platform this powerful that people are proud to wear.”
This brings the company’s valuation to $10.1 billion, and WHOOP has raised more than $900 million in venture capital in total.
With the financing, the company is accelerating global expansion. WHOOP now has more than 2.5 million members around the world, and is looking to expand in the U.S., Europe, the Gulf Cooperation Council, Latin America and Asia. It’s also hiring for more than 600 roles globally.
In addition, WHOOP is investing in its platform itself. This includes “building the infrastructure to deliver a health experience that is truly responsive and personalized. That foundation will also enable transformative partnerships, both for our business and for our members,” a spokesperson told MedCity News.
When asked about WHOOP’s exit strategy, the spokesperson said that it wants to IPO within the next 12 to 24 months.
“Our goal is to build the world’s leading personal health platform. As we look ahead, we’re continuing to invest behind that momentum,” the spokesperson said.
There are several other wearable device companies offering insights on sleep and activity, including FitBit and Oura. The latter raised $900 million in October for its smart ring, bringing its valuation to $11 billion. The company also said it was using this funding for global expansion.
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