Sunday October 1, 2023

WHOOP Looks to Acquire Tech Companies After $200M Raise

  • Wearable technology company WHOOP raised $200 million on a $3.6 billion valuation.
  • It plans to acquire companies and expand into new markets.
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WHOOP/Design: Alex Brooks
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Fitness wearable company WHOOP raised $200 million at a $3.6 billion valuation, roughly doubling its previous fundraising total and tripling its valuation from a round in October 2020. 

The Series F round, announced on Monday, was led by Softbank Vision Fund 2.

WHOOP provides a free wristband wearable with a $30 monthly subscription service that analyzes user data. It competes with some of the largest companies in the world for wearable market share.

  • Apple’s fiscal Q3 sales in the home, wearables, and accessories category grew 36% year-over-year to $8.78 billion. The company is developing a more rugged Apple Watch.
  • Google acquired Fitbit in January for $2.1 billion. Google shares a wearable technology platform with Samsung, which also produces a set of fitness-focused wearables.
  • Facebook is reportedly planning to release a watch with activity-tracking functions next summer. The company has explored integrating movement data collected through its Oculus VR headsets into Apple’s Health app.
  • Amazon is hiring a Head of Fitness for its wearable and subscription service Halo team. 

WHOOP said it would use its new funding toward research and development, acquiring technology companies, and expanding into new markets. The company told FOS that international users now account for 30% of its new members, up from 9% in 2019.

Previous funding rounds included Kevin Durant’s ThirtyFive Ventures, Larry Fitzgerald, Patrick Mahomes, Eli Manning, Rory McIlroy and Justin Thomas.

NBC showed drivers’ live heart rates on Saturday’s NASCAR at Daytona broadcast through WHOOP’s Live software. In May, WHOOP released Mahomes’ biometric data for the 2020-2021 season.

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