On Tuesday, WHOOP announced it has raised $575 million in Series G funding, catapulting the wearable tech company to an astonishing $10.1 billion valuation ahead of expectations that the company will file an initial public offering in the near future.
In addition to large investment firms, several high-profile athletes personally invested in this round of funding. Cristiano Ronaldo, LeBron James, Rory McIlroy and Reggie Miller all personally invested in WHOOP.
“This new raise allows us to really strengthen our balance sheet and ultimately invest more in areas of the business that are already working,” founder and Chief Executive Officer Will Ahmed said in an interview. “We’ve had a very ambitious research and development road map that we’re going to continue to invest behind.”
While the CrossFit community was arguably one of the earliest and most vocal adopters of WHOOP’s strain and recovery metrics, this latest funding round highlights the company’s push into other sports and the mainstream population.
WHOOP currently has over 2.5 million members on its platform, generating over $1.1 billion in run rate revenue. WHOOP operates in 60 countries with 60% of sales coming from outside the United States. Compare that to 2022 when 70% of WHOOP’s revenue came from the U.S.
It is anticipated that WHOOP will continue its push into global markets ahead of a potential IPO. Back in November, Ahmed spoke about going public, “I would think about it over a horizon of two years.”
