Sports platform backed by Serena Williams and Usain Bolt announces £48m funding round

Online sport platform Let’s Do This has announced its $60m (approx. £48m) Series B funding round, bringing its mission to “inspire people across the world to come together to experience moments that make them feel alive” into even sharper focus.

Founded in 2016 and headquartered in London, Let’s Do This is an online platform that simplifies the process for people to find, book and prepare for the best running, triathlon, cycling and obstacle experiences around the world.

With more than five million active users, the platform brings thousands of events together in one place, enabling users to search for and choose their next experience, including flagship events like Hackney Moves, The Great North Run and the Oxford Half.

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.

Speaking about the raise, Alex Rose (pictured left), co-founder and COO of Let’s Do This, said: “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, a major factor in participant motivation.

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.

Serena Williams, angel investor in Let’s Do This, added: “I love sport and have seen first-hand the positive impact it can have on people’s lives. This is a mission that I am proud of - bringing more people together through the power of sport.”