Whoop’s valuation has tripled to $10 billion

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

The round was led by the Cooperation Fund and includes 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. Individual investors include Cristiano Ronaldo, LeBron James, Rory McIlroy, Reggie Miller, and Niall Horan, among other notable athletes and celebrities.

The company has now raised nearly $900 million in total since its founding.

One notable addition to the cap table is Abbott, the medical device giant. Whoop founder and CEO Will Ahmed told me the partnership signals a broader push into health and medical capabilities, though he noted there was “more to come” on that specific announcement.

The funding arrives just as Whoop is hitting some major business milestones, according to Ahmed’s account. The company exited last year with a booking rate of $1.1 billion, up 103% year over year. Speaking with TechCrunch last week, Ahmed explained why reservations are the right metric to focus on: When you’re shipping millions of hardware units around the world while running a subscription business, investors need to understand the cash dynamics of managing it all at once — inventory, hardware costs, and recurring revenue simultaneously. It’s a more complex picture than that of a pure software company, and bookings captures it better.

As for what comes next with all that capital, Ahmed pointed to talent, hiring, marketing, brand awareness, continued investment in research and development, along with accelerating international expansion.

The obvious question that looms around a round of this size at this valuation: Is an IPO coming? (Rival company Oura is reportedly talking to bankers about organizing a venture of its own this year.) Ahmed said the company was doing “a lot of unrepentant work to become a public company” but stopped short of indicating any imminent plans for a listing.

Since Whoop is a consumer brand with a household name among health-conscious and performance-oriented users, it’s the type of company that can generate real enthusiasm for retail investors when it decides to make the move. Meanwhile, Whoop has a much larger runway, and a much larger number next to its name.

You can listen to our full conversation with Ahmed, where we also talk about the early days of the company, its huge hiring plans right now, and how Whoop is integrating AI into its business. You can also read about Ahmed’s breakthrough in healthcare, and what it means for the brand, here.