UK start-up backed by Usain Bolt raises $60m in new funding | Economic news

A British start-up that organizes sports challenges and is backed by Serena Williams and Usain Bolt has raised $60 million in funding to continue its global expansion, he said.

Let’s Do This was founded in 2016 and has over five million active users on its online platform, helping people take part in races, bike rides and triathlons – a market worth $18 billion. dollars (£14.38 billion).

Some of these events include Hackney Moves, The Great North Run and Oxford Half.

The company is already backed by venture capital fund Y Combinator, which has previously invested in startups such as Airbnb, Reddit and Coinbase.

The latest fundraising saw San Francisco-based Craft Ventures and Headline join as lead investors, backed by additional funding from existing investors EQT, NFX and Y Combinator.

“We live in a world where we’re spending more time than ever with our heads buried in our phones,” said Alex Rose, co-founder of Let’s Do This. “The growing influence of social media and the metaverse is a depressing extension of this, and the effect on our health and well-being cannot be ignored. »

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“We want to be the online platform that helps people disconnect – so they can live their lives to the fullest, doing things that make them happy. »

The company said it has seen “tremendous growth” over the past year, despite live events taking a hit during the pandemic.

“It’s a clear sign that people are desperate for face-to-face events that allow them to connect with others,” Rose added.

The money raised will be used to improve the website and app for those looking for events, and to expand its team with a number of new software engineers.

Let’s Do It said it plans to grow from 85 to 150 employees by the end of the year. The company will also continue its expansion in the United States with the addition of a new US headquarters in Boulder, Colorado.

“I love sports and have seen the positive impact it can have on people’s lives,” said Serena Williams, an angel investor at Let’s Do This.

“But many people are often held back from discovering sport and the benefits it can bring them. Let’s Do This breaks down that barrier by empowering people to discover new ways to stay fit, encouraging them to challenge themselves, and creating a sense of community and camaraderie in the process, regardless of their fitness level.

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