In an ambitious effort to expand its fitness platform, Let’s Do This has raised $60 million.
TechCrunch reports the Series B round was spearheaded by venture capital firms Craft Ventures and Headline. Other investors included Morpheus Ventures EQT, NFX and Y Combinator, who were joined by angel investors such as the founder of Gmail Paul Buchheit and founder of Songkick Ian Hogarth. High-profiled names who also participated in the round include Serena Williams, Usain Bolt, and U.K. gold-medal runner Paula Radcliffe.
Let's Do This Makes Sporting Events More Accessible
Founded in 2016 by Alex Rose and Sam Browne, Let’s Do This was launched to make sporting events such as running, cycling, and swimming more accessible to beginner athletes. The company has since resonated with countless athletes across the world and its latest backing is a testament to the capabilities of the platform, which allows users to venture into various verticals. Let’s Do This’ algorithm gathers data points from users’ fitness tracking, race history, and social connections to curate specific race suggestions.
“There is a distinct camaraderie that group endurance events bring, but most organizers are stuck with low-tech platforms that offer a lackluster user experience. With Let’s Do This, Alex and Sam have revolutionized how we bring offline experiences online,” Christian Leybold, partner at Headline, said according to TechCrunch.
Funding Will Double Employee Workforce And Open New Office In Colorado
The new funding will help the company double its worldwide workforce from 85 employees to 150. Additional plans include opening an office in Colorado to support product development and launching new social features.
“The global sports endurance market is worth an estimated $18 billion and, with face-to-face events finally a possibility again after a long hiatus, we know this is only set to grow … Excitingly, sport is just the beginning for Let’s Do This too. Thanks to the funding and support from our investors, we plan to extend into further verticals in the live events and experiences space,” said Sam Browne, co-founder, and CEO of Let’s Do This in a statement, according to TechCrunch.