The market for endurance events (therefore: running, triathlon, cycling, etc.) which lives up to its name let’s do this (a former YC) popped up a few years ago, listing all sorts of endurance activity around the world and attracting support from stars like Usain Bolt and Serena Williams, alongside venture capitalists more classics such as EQT.
Founded by Alex Rose and Sam Browne, both endurance runners and cyclists themselves, the startup has now raised a $60 million Series B round led by Craft Ventures and Headline. Also participating in the round were existing investors EQT, NFX and Y Combinator, as well as newcomer Morpheus Ventures. Celebrities include Serena Williams, Usain Bolt and British gold medalist Paula Radcliffe. The angels include Gmail founder Paul Buchheit, as well as Ian Hogarth, founder of Songkick.
Sam Browne, co-founder and CEO of Let’s Do This, said in a statement:
The global sports endurance market is worth an estimated $18 billion and, with head-to-head events finally a possibility after a long hiatus, we know it will only grow… Excitingly, the sport is only the start of Let’s Do This too. With funding and support from our investors, we plan to expand into other verticals in live events and experiences.
Let’s Do This lists flagship events like Bay to Breakers, Long Beach Classic Half & 5K, and Bay Bridge Half Marathon, but it’s clear that investors have been lured by the prospect of expanding into other verticals.
According to the company, part of the appeal to users is that its algorithm uses data points from fitness tracking, run history and social connections to personalize its running recommendations. . It’s easy to see how that could be expanded to “you liked that gig, so how about this one.”
It’s also about tapping into a market that has understood that setting goals, like a run, helps someone stay fit. Research shows that people are 12.5 times more likely to form a fitness habit 12 months after signing up for a run than after joining a gym.
Christian Leybold, Partner at Headline, said:
There’s a distinct camaraderie that group endurance events bring, but most organizers are stuck with low-tech platforms that provide a lackluster user experience. With Let’s Do This, Alex and Sam have revolutionized the way we bring offline experiences online.
Founded in 2016, Let’s Do This, claims it now has over 5 million users worldwide. It now plans to expand into the US through its new office in Colorado and grow its team in the UK, along with additional social features.