Whoop is whooping it up with a massive $575 million raise amid a strong start to the year for the fitness wearable.
Things looked a little darker last year when the FDA in July hit Whoop with a warning letter specific to its “Blood Pressure Insights” (BPI) feature, saying it was becoming a medical device requiring proper 510K clearance.
But In January this year the FDA reversed course, saying the company’s wearable can in fact fall under “general wellness” exemptions, rather than requiring the U.S. regulator’s stricter medical device clearance. The device, which has a subscription model, also runs electrocardiogram readings and atrial fibrillation detection.
Whoop naturally welcomed the FDA’s change in stance and last month said it was looking to boost its workforce by more than 600 roles. On March 31 the company then revealed a major $575 million funding investment boost for its latest series G, putting it at a $10.1 billion valuation, according to a release.
Whoop said the financing “will fuel further U.S. growth and international expansion across Europe, the GCC, Latin America, and Asia.”
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The round was led by Collaborative Fund with help from Abbott, Mayo Clinic, and more, alongside a group of prominent global athletes and individual investors such as Cristiano Ronaldo, LeBron James, Rory McIlroy, and more.
“Our raise brings together the world’s most sophisticated investors, leading health institutions, and iconic global athletes behind the mission to unlock human performance and healthspan,” said Will Ahmed, Founder and CEO of Whoop in a statement.
“We are building the personal health platform that people use to improve their health and livelihood.”
