Whoop raises $575 million at $10.1 billion valuation

Whoop, the fitness and health tracking wearable company, has closed a $575 million Series G late-stage funding round. The transaction values the company at $10.1 billion, which is nearly triple its previous valuation of $3.6 billion. With this latest round, the company has now raised roughly $900 million in total capital since its founding.

The funding round was led by Collaborative Fund and features a diverse group of institutional, corporate, and individual backers. The investor breakdown includes:

• Sovereign Wealth Funds: Mubadala Investment Company and Qatar Investment Authority
• Healthcare Institutions: Mayo Clinic and Abbott, the medical device giant
• Financial and Venture Firms: 2PointZero Group, Macquarie Capital, IVP, Foundry Group, Accomplice, Affinity Partners, Glade Brook, B-Flexion, Promus Ventures, and Bullhound Capital
• Individual Investors: Prominent athletes and celebrities including Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller, and Niall Horan

A notable addition to the company’s cap table is Abbott, which joined as both an investor and partner. Whoop founder and CEO Will Ahmed stated that the partnership signals a broader push into health and medical capabilities, though he noted there is “more to come” on that specific announcement.

The funding follows significant business growth. Whoop exited last year at a $1.1 billion bookings run rate, representing 103% year-over-year growth. Ahmed explained that bookings is the key metric for the company’s financial health. When shipping millions of hardware units around the world while running a subscription business, tracking bookings captures the complex cash dynamics of managing inventory, hardware costs, and recurring revenue simultaneously. Ahmed noted that this presents a more complex financial picture than a pure software company, and bookings captures it best. Whoop plans to use the capital for talent acquisition, marketing, research and development, and accelerating international expansion.

The size of the round raises questions about a potential public listing, especially as rival company Oura is reportedly talking with bankers about staging an IPO this year. However, Whoop has stopped short of signaling any imminent plans to list as a public company. Ahmed stated that the company is currently doing “a lot of the no-regrets work to be a public company”—referring to preparatory actions taken regardless of the final outcome—but has no immediate plans to list.

Why it matters

The participation of sovereign wealth funds and major medical institutions like the Mayo Clinic and Abbott signals Whoop’s broader push to expand its wearable technology into medical and health capabilities.