Whop Raises $200 Million in Series D at a $5.1 Billion Valuation

Whop’s $200 million Series D gives the Palo Alto-based online business platform a post-money valuation of $5.1 billion, more than three times the $1.6 billion valuation tied to Tether’s investment in February.

Tether made a $200 million strategic investment in Whop at that earlier valuation. Sequoia Capital and Shopify Ventures, Shopify’s investment arm, jointly led the new round, which Whop announced Oct. 21.

Founded in 2021, Whop is based in Palo Alto, California. Its three founders met as teenagers while developing software to track sneaker releases. Co-founder Steven Schwartz is the company’s CEO.

Whop provides individual entrepreneurs and small merchants with tools to set up businesses, handle payments and distribution, and manage operations. About 25,000 merchants use the platform, which records roughly $550 million in monthly transaction volume. More than 50,000 service providers also earn income through it.

The company makes most of its revenue from transaction commissions, with an average fee of about 6%.