Whop’s Valuation Triples To $5.1 Billion After $200 Million Round Led By Sequoia, Shopify Ventures

Whop has raised $200 million at a $5.1 billion valuation, more than three times the $1.6 billion figure it carried in February, when Tether made a $200 million strategic investment. Sequoia Capital and Shopify Ventures led the new Series D.

Based in Palo Alto, California, Whop supplies business operators with a gamified interface and an API that the company says powers distribution, business creation, and money. It reports around 25,000 operators generating $550 million a month on the platform, more than 50,000 additional people earning a monthly income by serving those businesses, and more than $7 billion in on-platform transactions reaching 185 countries.

Bloomberg, which first reported the round, said Whop recently passed $400 million in annualized run-rate revenue, from $60 million at the start of 2025. Most of that revenue comes from a percentage of each transaction operators process, and CEO Steven Schwartz told Bloomberg the blended average fee is about 6%. The company was founded in 2021 by three founders who met as teenagers while building software to track sneaker releases, Bloomberg reported, and now employs about 110 people. Earlier investors include Peter Thiel, A*, Insight Partners, and Bain Capital Ventures.

"We take inspiration from the traditional economy in designing Whop, and because businesses are the primary conduit by which people earn money and create value, we focus on them as our primary customer," Schwartz said.

Sequoia partner Doug Leone is joining the board, according to Bloomberg. In the announcement, Leone said: "They're doing about a half billion revenue, business is doing great, and we're helping humanity create businesses for people who can't find a job."

Whop presented the raise against the backdrop of entry-level hiring. Citing Forbes, the company said entry-level openings are at an all-time low and that AI is calling traditional career paths into question. Its customers, it said, range from heads of product at high-growth startups to 16-year-old first-time entrepreneurs, and the company positions itself as a means for people to build an income of their own.

Whop said most businesses on the platform serve hyper-specific customer needs, and that the internet has made it possible to reach customers in segments once too small or fragmented to build a business around. Among the businesses built natively on Whop, the company named data suppliers for humanoid robotics companies, invoicing software for trucking companies, private jet booking platforms, neobanks for dropshippers and emergency tree removal services.

Whop said the capital will accelerate its global expansion and fund R&D on payments and advertising efficiency. Bloomberg reported that the company plans to open offices in Colombia and in Europe.

The company has launched three products in the past three months. Business Blueprints stands up a ready-to-sell business in a few clicks; it has been used to create more than 21,000 businesses in six weeks. The Whop CLI, released in July, exposes its API to any AI agent, which lets operators run their businesses through prompts; together with Whop's MCP connectors, it receives more than 350,000 calls per day from more than 14,700 monthly active users. Economic Intelligence is a decision engine trained on millions of transactions that recommends the highest-ROI next move for each business, with access charged as an extra percentage of the revenue earned from using it.

The company has an office in New York and is staffing up in engineering, product, sales, and operations.