• The company was started in 2012.
• It makes wearable devices and software for its community members.
• Zwift and Peloton have let off employees in recent months.

Whoop is the latest fitness technology company to cut jobs because of a tough economy and lower demand. The company has cut its headcount by 15%.

The company was started in 2012, and since then it has grown to 630 employees. It makes wearable devices and software for its community members.

Whoop is worth $3.6 billion, based on a US$200 million Series F funding round that took place last year. Investors include NFL star Patrick Mahomes, golfers Rory McIlroy and Justin Thomas, and NBA All-Star Kevin Durant, through his investment firm Thirty-five Ventures.

Inflation and the growing cost of living have forced some exercise enthusiasts to reconsider their monthly Whoop membership and decreased growth.

‘The present macro environment has introduced additional obstacles and unpredictability, and we’re dedicated to establishing a lasting company,’ Whoop told Front Office Sports. We wanted to anchor this decrease in empathy and compassion.

Zwift and Peloton have let off employees in recent months owing to economic challenges and decreasing demand post-pandemic. This week, Tonal announced a 35% employment reduction.

Most analysts anticipated the connected fitness business to expand after a correction.