“The WHOOP band is capable measuring metrics like heart rate, respiratory rate, and sweat levels, among others.”
WHOOP, the maker of a biometric wristband, is now valued at $1.2 billion thanks to its latest round of investment funding.
The Series E round raised $100 million and was led by IVP, a venture capital firm focused on late stage startups. It also notably featured investments from prominent athletes Kevin Durant and Patrick Mahomes.
The WHOOP band is capable measuring metrics like heart rate, respiratory rate, and sweat levels, among others. Founded in 2012, WHOOP attained a high profile this year thanks to its capabilities in monitoring for signs of COVID-19 infection. The Ladies Professional Golf Association and its European Tour counterpart ordered subscriptions for the wristbands in an effort to safely resume play, and WHOOP was incorporated into a vaccine trial in partnership with G42 Healthcare shortly thereafter.
WHOOP has raised more than $200 million to date. As Sportico reports, CEO Will Ahmed says the latest $100 million in funding will be used to fuel further development of the WHOOP platform as well as the company’s international expansion. And while WHOOP has been approached by SPACs – so-called ‘black check’ companies formed to merge with private firms and take them public – Ahmed says the company will remain private during this current growth phase.
The company’s rising profile could help to further popularize the concept of health-tracking biometric wearables, especially given its COVID-19 mitigation applications. Meanwhile, the Oura ring is another biometric wearable sparking interest thanks to similar capabilities, with even the US military trialling it for COVID-detection purposes.
October 28, 2020 – by Alex Perala