Whoop, the maker of a screenless fitness and recovery tracker, closed a $575 million Series G funding round in late March at a $10.1 billion valuation, with backers including Abbott, the Mayo Clinic, Qatar Investment Authority, Mubadala Investment Company, and a roster of athlete investors such as Cristiano Ronaldo and LeBron James. The round, led by Collaborative Fund, underscores how aggressively wearable-device makers are repositioning themselves as healthcare platforms rather than fitness gadgets.
Growth Numbers Behind the Valuation
Whoop said it now has more than 2.5 million members, with bookings up 103% year-over-year in 2025 and the company exiting the year at a $1.1 billion revenue run rate while remaining cash-flow positive. That trajectory marks a sharp jump from Whoop’s prior valuation of $3.6 billion, set during a $200 million Series F round in 2021 — meaning the company’s valuation has nearly tripled in under five years even as it has raised a comparatively modest total of just over $900 million since founding.
From Fitness Tracker to Medical Partner
The involvement of Abbott and the Mayo Clinic signals Whoop’s ambitions beyond consumer fitness. Abbott, a medical device and diagnostics company, and Mayo Clinic, one of the most prominent U.S. health systems, both joined as strategic investors rather than purely financial backers, suggesting interest in integrating Whoop’s continuous physiological data — heart rate variability, sleep stages, and recovery scores — into clinical or diagnostic contexts. The move follows a broader pattern across the industry: Oura, Whoop’s closest competitor, raised $900 million at an $11 billion valuation around the same period, and Google rebranded its Fitbit app as “Google Health” this year, adding a Gemini-powered AI coach.
A Regulatory Reversal Clears the Path
Whoop’s health-platform ambitions faced a setback in 2025 when the FDA issued a warning letter concerning its Blood Pressure Insights feature, which estimated blood pressure trends from wearable sensor data without formal regulatory clearance. In January 2026, the agency reversed course, determining the feature could fall under general wellness exemptions rather than requiring medical-device approval — a decision that removed a significant regulatory overhang just months before the Series G round closed.
Where the Money Is Going
Whoop said the new capital will fund U.S. growth alongside international expansion into Europe, the Gulf Cooperation Council region, Latin America, and Asia, along with hiring for more than 600 new roles. CEO Will Ahmed has signaled the company is positioning for an eventual public offering, telling reporters the Series G is likely to be its last private funding round.
The Skeptical View
Critics of the consumer-wearable-as-healthcare-platform model point out that regulatory treatment of these devices remains inconsistent and could tighten again, particularly as more wearables make health claims that approach the territory of medical diagnosis. There are also open questions about data privacy and how continuous biometric data shared with hospital systems like Mayo Clinic will be governed, especially as more state governments move to restrict how AI tools can be used in clinical settings. Some analysts also note that a $10.1 billion valuation implies the company must sustain triple-digit bookings growth for several more years to justify an eventual IPO at a higher multiple.
What’s Next
Whoop’s next milestones will likely include international membership figures from its expansion markets and any further regulatory developments regarding wearable health claims. With Oura, Google Health, and Apple all competing for the same slice of the AI-driven wellness market, the coming year is expected to test whether continuous physiological monitoring can translate into durable clinical partnerships — or whether it remains, for now, a premium consumer subscription business with medical aspirations.
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