Let’s Do This has announced its Series B funding round, raising US$60 million. With the company reporting more than 5 million active users, its platform brings thousands of events together, enabling users to search and choose their next event experience.
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.
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 – seen as a major factor in participant motivation.
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. Races on the platform in the UK include Hackney Moves, The Great North Run and the Oxford Half.
With the new fundraise 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.”
Christian Leybold, partner at Headline, added “There is a distinct camaraderie that group endurance events bring, but most organisers are stuck with low-tech platforms that offer a lacklustre user experience.
“With Let’s Do This, Alex and Sam have revolutionised how we bring offline experiences online, equipping organisers with the tools they need to increase online visibility, engagement, and registration. The customer growth they’ve seen thus far has been remarkable, and we look forward to seeing how they continue to scale.”
Jeff Fluhr, Co-Founder and General Partner at Craft Ventures, said “Let’s Do This has built an impressive business in the UK by galvanizing a passionate, engaged community of endurance athletes and providing a better way for them to discover and buy tickets for competitive events while also giving race organizers a better mousetrap to promote events and sell tickets.
“We’re excited to be on this journey with them as they expand into the much larger US market where a modern solution is sorely needed.”
