Sports platform backed by Serena Williams and Usain Bolt raises $60 million in Series B round
Let’s Do This has announced its $60 million (£47.8m) Series B funding round, bringing its mission to ‘inspire people across the world to come together to experience moments that make them feel alive’ into even sharper focus.
Founded in 2016, Let’s Do This is an online platform that makes it easy for people to find, book and prepare for the best running, triathlon, cycling and obstacle experiences around the world.
With more than five million active users, the platform brings thousands of events together in one place, enabling users to easily search and choose their next experience – including top flagship events like Hackney Moves, The Great North Run and the Oxford Half.
This latest fundraise saw Craft Ventures and Headline join as lead investors, supported by further funds from existing investors EQT, NFX and Y Combinator, as well as newcomer Morpheus Ventures. These join the company’s existing angel investors from previous rounds including Serena Williams, Usain Bolt and Paula Radcliffe, and Founder of Gmail Paul Buchheit, as well as Ian Hogarth, Founder of Songkick.
Speaking about the raise, Alex Rose, Co-founder and COO of Let’s Do This, said: “We are living in a world where we spend more time than ever with our heads buried in our phones. The growing influence of social media and the Metaverse is a depressing extension of this, and the effect on our health and wellbeing cannot be ignored. We want to be the online platform that helps people get offline – so they can live life to the full, doing things that make them happy.
“We have experienced phenomenal growth over the past 12 months – despite our industry taking a major hit during the pandemic. It is a clear sign that people are desperately craving face-to-face events that allow them to connect with others, feel part of a community and participate in something truly special.”
The funding will be used to enhance the website and app experience of searching and booking events. The company will also be building out the social features of the Let’s Do This app, enabling users to follow each other, discover new events based on their network, and share training progress – a major factor in participant motivation.
Let’s Do This will also be expanding its team with a number of key hires, particularly in engineering, with plans to grow from 85 to 150 employees by the end of the year. The company will also be continuing its US expansion with the addition of a new US HQ in Boulder, Colorado.
Sam Browne, Co-founder and CEO of Let’s Do This, added: “The global sports endurance market is worth an estimated $18bn and, with face-to-face events finally a possibility again after a long hiatus, we know this is only set to grow. As a business, not only are we passionate about sports and live events, we know what it takes to make them a true success, which is why so many organisers already trust us to grow their events.
“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 – continuing on our mission to bring people together through momentous experiences.”
Serena Williams, angel investor in Let’s Do This, said: “I love sport and have seen first-hand the positive impact it can have on people’s lives. But, many people are often held back from discovering sport and the benefits it can bring them. Let’s Do This breaks down this barrier by allowing people to discover new ways of keeping fit, encouraging them to push themselves and providing a sense of community and camaraderie in the process, irrespective of fitness levels. This is a mission that I am proud of -bringing more people together through the power of sport.”