This latest round of funding will help Whoop pursue its plan to expand beyond the US. Here are the top-line bullets you need to know.
Whoop, a wearable fitness tracker provider, has raised $200M in a Series F. The round drew participation from the SoftBank Group, GP BullHound Sidecar, and Institutional Venture Partners, among others.
HOW’S THE COMPANY PERFORMING?
- Boston-based Whoop offers a fitness tracker that monitors human activity, strain, and sleep.
- The company provides bespoke wearable solutions for sports teams, professional athletes, healthcare firms, businesses, and the government.
- Whoop’s clients include football player Patrick Mahomes, pro golfer Justin Thomas, and mountain biker Kate Courtney, among several others. The fitness platform has also partnered with the PGA and LPGA tours, NFL Players Association, CrossFit, and other sports associations.
- Whoop offers free wearables in exchange for subscription payments and has seen substantial growth in its business over the past year.
- The company has almost doubled its headcount over the past year, and it now has a team of 500 employees.
WHY DOES THE MARKET MATTER?
- The global market for fitness trackers is expected to grow at a CAGR of 15.4% to reach a value of $114.36B by 2028, according to Fortune Business Insights.
- The general rise in health awareness, greater youth willingness to buy fitness trackers, higher disposable incomes, and the increasing use of smartwatches and similar gadgets have all contributed to the market’s growth.
- The Covid-19 pandemic has shut down gyms and fitness centers. This has resulted in a growing demand for fitness-related products to use at home.