Whoop’s valuation triples to $10 billion

Whoop, the fitness and health tracking wearable company, has closed a $575 million Series G funding round at a valuation of $10.1 billion in a deal that brings together sovereign wealth funds, leading medical institutions, and some of the world’s most prominent athletes. This is almost triple the last reported valuation of $3.6 billion.

The round was led by Collaborative Fund with participation from Mubadala Investment Company, Qatar Investment Authority, 2PointZero Group, Abbott, Mayo Clinic, Macquarie Capital, IVP, Foundry Group, Accomplice, Affinity Partners, Glade Brook, B-Flexion, Promus Ventures, and Bullhound Capital. Private investors include prominent athletes and celebrities such as Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller and Niall Horan.

The company has now raised a total of approximately $900 million since its inception.

One notable addition to the cap table is medical device giant Abbott. Will Ahmed, Whoop’s founder and CEO, said the partnership signals a broader commitment to the health and medical sector, but said specific announcements are “to be seen.”

Ahmed said the funding arrives as Whoop reaches several major business milestones. The company ended last year with a booking execution rate of $1.1 billion, up 103% year over year. Speaking to TechCrunch last week, Ahmed highlighted why bookings are a good metric to watch. When running a subscription business that ships millions of hardware units around the world, investors need to understand the financial dynamics of managing all of that at once: inventory, hardware costs, and recurring revenue. This is a more complex situation than a pure software company, and Booking captures it best.

As for what will happen next with all that capital, Ahmed pointed to talent and hiring, marketing and brand awareness, continued R&D investment, and accelerated international expansion.

An obvious question looms over a round of this size at this valuation: Is an IPO coming? (Rival Oura is reportedly in talks with bankers about forming its own company this year.) Mr. Ahmed said the company was making “a lot of no-regret efforts to become a public company,” but stopped short of hinting at any imminent plans to go public.

Given that Whoop is a consumer brand with great recognition among health-conscious and performance-oriented users, it’s the kind of company that could generate real retail investor enthusiasm whenever it decides to make a move. In the meantime, Whoop has more runway and a much larger number next to its name.

You can listen to the full conversation with Ahmed. There, we also talked about the company’s early days, its current big hiring plans, and how Hoop is incorporating AI into its business. Alternatively, you can read about Whoop’s big push into healthcare and what it means for the brand here.