WHOOP
We are in the early innings of a fundamental shift in how we understand the human body. The current medical model is reactive and episodic — you feel sick, you see a doctor, you get a snapshot. But your body is a complex machine running 24/7, and it deserves a software layer that can actually keep up.
That’s the idea behind what founder Will Ahmed from WHOOP calls the Health OS: continuous monitoring, proactive intelligence, and personalized coaching — all built on one of the most comprehensive longitudinal health datasets in existence. WHOOP has collected over 24 billion hours of continuous physiological data from more than 2.5 million members. That data, combined with a new medical-grade device and a generative AI coaching layer, positions WHOOP to bridge the gap between consumer wellness and clinical healthcare in a way no one else can.
This is why Collaborative Fund is leading a $575 million Series G round in WHOOP at a $10.1 billion valuation — our largest investment ever. Below is a lightly edited version of the cover letter to our term sheet:
Dear Will:
From the time Nicholas Negroponte introduced us back in April 2013 and we met at Grey Dog Cafe to talk about Bobo Analytics, I’ve been a true believer in your mission. We invested early, making WHOOP one of the core positions in our second Fund.
Empowering people with meaningful insights into their health is one of the most significant ways to improve human life. WHOOP represents exactly why I started Collaborative Fund: to back founders who push the world forward. You and your team have built not just an exceptional company, but an outstanding global brand. The awareness-to-purchase ratio is the best in its class, and it keeps growing because the product delivers.
In 2020, during the chaos of Covid, I remember telling you how much I was relying on WHOOP to monitor my respiratory rate and spot early signs of infection. That experience only deepened my conviction. We followed on in the Series E through our Opportunity Fund. Then in 2024, after my father’s heart scare, I bought him a WHOOP so I could track his recovery each day. Now we compare stats all the time using the community feature. It’s something that brings us both peace of mind and connection.
WHOOP stands apart as the only founder-led company in the health and wearable technology space, and it shows. The craftsmanship and attention to detail from your design and product teams are unmatched. The user experience is elegant and intuitive. The new medical-grade device positions the company to expand meaningfully into healthcare and even Medicare markets, bridging consumer and clinical worlds in a way few others can.
You and the team are building a generational company. I feel lucky to have had a front row seat, and I’m confident in making a firm‑defining investment as WHOOP enters its next phase of growth.
This opportunity has the full commitment of Collaborative Fund. We have attached a detailed term sheet outlining our proposal.
We’re proud to anchor a global syndicate that includes the Qatar Investment Authority, Mubadala Investment Company, Macquarie Group, Abbott Labs, Mayo Clinic, and cultural icons like LeBron James and Rory McIlroy. Together, this group will fuel the company’s international expansion across Europe, the GCC, Latin America, and Asia.
WHOOP is at a true inflection point. The opportunity ahead is bigger than wearables, and bigger even than wellness. It is to build the software layer for the human body: a system that helps people understand what is happening inside them, respond earlier, and live with more agency over their health. With unmatched data, exceptional product instincts, and a long-term vision, Will and the team are in a position to define what that future looks like.
You can read more about the deal in today’s New York Times: Whoop, a Wearable Health Device Maker, Raises $575 Million