Soccer star Cristiano Ronaldo has signed up as an investor in wearable technology startup Hoop. Hoops is accelerating its international growth by expanding into the GCC.
The Portuguese footballer’s investment was not disclosed, but Whoop chief executive Will said it was “one of the biggest, if not the biggest, investments he has ever made in a company.”・Mr. Ahmed said. The National on monday.
”[Ronaldo] “After researching the company and its products, they actually approached us for a partnership,” Ahmed said, “showing their faith in us.”
“With the impressive growth over the last year and the growth we’re seeing internationally, we’re certainly generating a lot of interest.”
Ronaldo’s investment comes at a time when Hoop is expanding into Hong Kong, Israel, South Korea and Taiwan, as well as Saudi Arabia, Qatar, Kuwait and Bahrain.
The company already has warehouse facilities in the UAE and is expanding delivery services to Brazil, India and Mexico. Whoop is also focusing on adding Arabic language support to its devices next.
Boston-based Whoop says the new investment will be used not only to develop new products and services, but also to better engage with users.
Founded in 2012, Whoop provides training, health, sleep and recovery services and has raised about $405 million across eight funding rounds, according to startup tracker Crunchbase. are doing.
Among the most notable investors were Japan’s SoftBank Vision Fund and UAE71 Capital, which invested $200 million and $25 million, respectively, according to Crunchbase data.
Whoop is not actively seeking additional capital at this time, but its options will be reconsidered next year, Ahmed said.
“At this time, we are satisfied with our balance sheet and growth potential,” he said.
Ronaldo, 39, who currently plays for Al Nasr in the Saudi Professional League, achieved international status during spells at Manchester United, Real Madrid and Juventus.
He has won both the UEFA Champions League and the Ballon d’Or five times and holds numerous records at club and international level.
Ronaldo has attracted attention from American football quarterbacks Patrick Mahomes and Eli Manning, four-time golf major champion Rory McIlroy, and the most decorated Olympic swimmer Michael Phelps. Join the investors in Collecting Hoops.
He is one of the most famous athletes and celebrities, and this has allowed him to gain many lucrative endorsements and sponsorship deals. According to , he was the highest-paid soccer player in 2023. forbes Estimate.
Companies that can secure the services of highly popular figures have the best chance of enhancing their branding and reputation.
According to the magazine, “People are more likely to choose a product endorsed by a celebrity than the average person, and they do so more quickly.” wharton knowledge Business Journal.
Choosing a product promoted by a celebrity has a psychological effect, allowing consumers to spend less time weighing their choices and feel more confident in their decisions.
Ronaldo’s most high-profile sponsorship deal is with American athletic equipment manufacturer Nike, which gives him a lifetime deal worth $1 billion, similar to that of NBA icons Michael Jordan and LeBron James. Gave.
He earns $24 million a year from Oregon-based Nike and was also given a $100 million bonus upon signing.
Ronaldo’s main backers include high street fashion brand Emporio Armani, Swiss watchmaker Tag Heuer, nutritional supplement company Herbalife, and cryptocurrency exchange Binance.
He also works on other ventures off the pitch, including a hotel chain in partnership with Portugal-based Pestana Group, which is using the CR7 brand and opening CR7 properties around the world.
Cristiano Ronaldo wears traditional Saudi dress in Al Nasr video
Ronaldo has invested in CR7 branded clothing, perfume, gyms and even a selfie mobile application. In March, he opened Toto, an Italian restaurant in Abu Dhabi, in collaboration with tennis star Rafael Nadal.
Whoop aims to grow its presence in the health metrics and human performance industry, which is dominated by companies like Apple, Samsung, and Fitbit.
Whoop seeks to differentiate itself by focusing on core health tracking, data, accuracy, and privacy. Their products do not have modern features such as notifications, email, phone calls, or high-resolution screens.
“There are a lot of other products on the market that have more features…but when it comes to what we do, we’re the best at it,” Ahmed said.
According to Research and Markets data, the fitness tracker market is expected to reach $116.5 billion by 2028, up from an estimated $57.8 billion in 2024, with an average annual growth rate of approximately 20%.
The partnership with Whoop “will continue to raise the bar.” [its] Characteristics and coaching,” Ronaldo said.
Updated: May 13, 2024, 12:14 p.m.
