Whop, the Palo Alto-based business platform, has raised $200 million in a Series D round led by Sequoia Capital and Shopify Ventures at a valuation of $5.1 billion. Bloomberg, which first reported the deal, said the company plans to open an office in Europe, along with one in Colombia.
The round was announced on 21 October and is Whop’s second of the year. Tether invested $200 million in February at a $1.6 billion valuation, so the company’s valuation has more than tripled in eight months. Whop said it will spend the new capital on international expansion and on research and development targeting payment and advertising markets.
Join The European Business Briefing
New subscribers this quarter are entered into a draw to win a Rolex Submariner. Join 40,000+ founders, investors and executives who read EBM every day.
Subscribe
The company’s revenue is largely a percentage of each transaction that business operators process on it, according to Bloomberg, which reported a blended average fee of about 6% citing chief executive Steven Schwartz. Annualised run-rate revenue recently passed $400 million, from $60 million at the start of 2025, the report said. The company employs about 110 people.
Business operators on Whop work from a gamified interface and an API spanning distribution, business creation and money. Around 25,000 of them generate $550 million a month on the platform, the company says, and more than 50,000 other people are paid each month for services to those businesses. Whop puts cumulative on-platform transactions at more than $7 billion across 185 countries. Its customers stretch from heads of product at high-growth startups to 16-year-olds running a first business.
Whop said most of the businesses on it serve hyper-specific customer needs, and that the internet has opened up customer groups that were once too small or too scattered to sustain a business. It named neobanks for dropshippers, emergency tree removal services, invoicing software for haulage firms, data suppliers for humanoid robotics companies and private jet booking platforms as examples.
Doug Leone, partner at Sequoia Capital, is joining the board, according to Bloomberg. “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,” he said in the announcement.
On the product side, Whop has shipped Economic Intelligence, a decision engine, trained on millions of transactions, that recommends each business’s highest-ROI next move; access is charged as an extra percentage of the revenue earned through it. Business Blueprints, which deploys a ready-to-sell business in a few clicks, has been used to create more than 21,000 businesses in six weeks. The Whop CLI, released in July, opens the company’s API to any AI agent, and together with the company’s MCP connectors it handles more than 350,000 calls a day from more than 14,700 monthly active users.
“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.
Founded in 2021, Whop has an office in New York in addition to its headquarters. Earlier investors include Bain Capital Ventures, A*, Insight Partners and Peter Thiel, per Bloomberg. The company is recruiting in engineering, product, sales and operations.
