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Serena Williams and Usain Bolt-backed digital fitness startup Let’s Do This raises US$60m

Series B funding will be used to expand workforce and product portfolio

8 June 2022 Steve McCaskill
Serena Williams and Usain Bolt-backed digital fitness startup Let’s Do This raises US$60m

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  • Let’s Do This was founded in 2016 and has five million users
  • Investment will fund opening of new Colorado office

Let’s Do This, the UK-based digital fitness events platform backed by Serena Williams and Usain Bolt, has raised US$60 million to aid its expansion.

The Series B round was led by venture capital firms Craft Ventures and Headline. Other participants included Morpheus Ventures, as well as existing investors EQT, NFX and Y Combinator.

The new funding will be used to nearly double the company’s global workforce from 85 employees to 150 and will enable the opening of an office in Colorado that will focus on product development.

Let’s Do this was founded in 2016 by Alex Rose and Sam Browne to help amateur athletes find running, triathlon, cycling, swimming and other endurance events. Its algorithms analyse data from third-party fitness tracking applications, race history, and social connections to personalise recommendations that help its five million users find an event that appeals to them.

“The global sports endurance market is worth an estimated US$18 billion and, with face-to-face events finally a possibility again after a long hiatus, we know this is only set to grow,” Browne is quoted as saying. “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.”

Williams, who was a seed investor in Let’s Do This, has interests in several technology through her own venture capital firm. Most recently, she invested a seven-figure sum in sports marketing technology startup OpenSponsorship.

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