Whoop Inc., known for its popular fitness bands that lack screens, is considering launching an initial public offering potentially within the next two years and is investigating the addition of glucose monitoring features to its health tracking system.
Will Ahmed, the Founder and Chief Executive Officer, stated that the company is well suited for an IPO now that it has expanded its offerings to include its own technology, hardware, software, analytics, and various products like apparel and accessories.
“I would consider this over the next two years,” he mentioned. Although Ahmed has indicated that Whoop is set to go public, he had not previously disclosed a timeline for when that might occur.
“We prefer to develop products in-house and are eager to create a health hub for our users,” he continued. “If you ponder which public company today possesses personal health, what name comes to your mind? I am at a loss. It seems like there should be a prominent company in the world recognized for owning personal health.”
Ahmed further stated that discussions with the US Food and Drug Administration regarding a disagreement about Whoop’s new blood pressure monitoring tool have taken a positive turn.
A prospective IPO would solidify Whoop’s status as a frontrunner in the wearables and wellness industry, especially within the emerging segment of screen less devices that serve as alternatives to smartwatches. For example, Oura Health Oy provides comparable health tracking features in a ring format, while Samsung Electronics Co. released a similar smart ring last year.
Initially intended for top athletes, Whoop’s platform was designed to assist already fit and often competitive individuals in enhancing their performance. The company experienced a significant rise in memberships during the pandemic, as more users sought overall wellness insights. Subscriptions have increased twentyfold since 2020 and have risen by 75% in the past two years, according to the business.
Recently, Whoop has also been concentrating on assessing its clients’ overall health. Its newest premium model, the Whoop MG an abbreviation for “medical grade” provides features such as blood pressure tracking, an electrocardiogram, atrial fibrillation detection, and notifications for irregular heart rhythms.
The company has additionally launched a bloodwork integration tool and Healthspan, which attempts to assess an individual’s biological age. Founded in 2012 and based in Boston, Whoop currently employs 725 full-time workers, having added nearly 200 employees in the past two years. Much of its recent growth has taken place in markets beyond the US. The company operates in 60 markets worldwide, with international sales accounting for 60% of its revenue, according to Ahmed. (Just four years ago, the US made up approximately 70% of its total membership.) Over time, it has shifted from a direct to consumer approach to incorporating retailers and wholesalers.
