Boston-based biometric wearables company WHOOP has announced that it raised $200 million in Series F funding led by SoftBank Vision Fund 2. Following this latest round of investments, WHOOP says its $3.6 billion valuation now makes it the most valuable standalone “human performance company” in the world.
“We are thrilled to deepen our partnership with SoftBank as we grow internationally,” said Will Ahmed, WHOOP Founder and CEO. “While we have experienced amazing growth in the past year, the potential of our technology and the vast market for health monitoring remains largely untapped.”
The WHOOP band — a biometric wearable — is able to use the host of biometric sensors found onboard to measure metrics such as heart rate, respiratory rate, and sweat levels, among others. Both its utility and popularity grew to new heights over the past several months thanks to its ability to monitor for signs of COVID-19 infections, and even predict the onset of the virus days before the wearer feels its symptoms.
This has led to a number of high-profile partnerships during this time with a range of private and public entities including the Professional Golf Association, fitness platform CrossFit, Howard University, and even the United States Army.
“WHOOP continues to experience tremendous user growth as they transform human performance, adding new features and products that are focused on enabling their users to lead healthier lives,” said Kristin Bannon, Investment Director at SoftBank Investment Advisers. “We are excited to continue our support of Will and the WHOOP team as they aim to improve health in the U.S. and expand internationally.”
In a press release announcing the funding, WHOOP said it will use this new injection of capital in a variety of ways. These include new investment in R&D to build the future of wearable technology; enhancements across its suite of products, software, and analytics; the acquisition of leading technology companies in order to evolve its membership offerings; and expanding its presence in the professional sports market by “taking fan and athlete engagement to a new level through biometric data visualization.”
The Series F round also saw participation from investors at IVP, Cavu Ventures, Thursday Ventures, GP Bullhound, Accomplice, NextView Ventures, and Animal Capital, and will see Ms. Bannon join the WHOOP Board of Directors.