WHOOP 3.0 is a sports activity and readiness tracker and has just closed an additional $55m of Series D funding, taking the full amount raised to about $100m. Investors this time around are Foundry Group with participation from Two Sigma Ventures, Accomplice, Thursday Ventures, Promus Ventures, Silicon Valley Bank, and strategic individuals.
Since it’s inception a couple of years back WHOOP has essentially kept the same hardware base and invested in marketing and building up the competence of the platform on iOS and Android. It has many high-profile pro-sports backers in the USA and sells well.
The interesting product change for WHOOP was removing the eye-watering, initial price tag of $500 and replacing it with a monthly $30 subscription. That’s a great move and a great revenue stream. Investors like revenue streams.
Surprisingly no other company has got close to competing with them head-to-head. Sure the new mioPOD Band MIGHT do that IN THE FUTURE and sure the BIOSTRAP is a good technical alternative NOW although without the financial backing of WHOOP, and sure Oura do similar things but rather for the consumer market than the athlete market.
So it’s only the likes of Garmin (Firstbeat) and Polar that do similar things for lots of people BUT their offerings are more complex, not just relying on the simple strain, sleep and readiness piece.
My guess (and I really don’t know) is that the next moves for WHOOP are
- Incremental upgrade to the hardware to assess battery, storage and accuracy objections (although what it does now is OK)
- Aim to produce medical-grade tech.
- Improved non-US marketing efforts
Officially they say the funds are for “consumer acquisition, membership services, and product development.”
Here’s a somewhat detailed review of the latest v3 iteration that broadcasts HR during exercise.