Key Takeaways
- Whop raised a $200 million Series D, announced on 21 October 2026, according to StartupResearcher and AlleyWatch. StartupResearcher and Bloomberg reported a $5.1 billion valuation.
- Sequoia Capital and Shopify Ventures backed the round. Bloomberg called Sequoia the lead and said Shopify Ventures is the other investor, according to Whop.
- The $5.1 billion valuation is about 3.2 times the $1.6 billion set in February 2026, when Tether invested $200 million.
- Bloomberg reported $205 million raised at the same valuation, while AlleyWatch lists $478 million in reported equity funding for Whop.
Whop announced Series D funding on 21 October 2026 at a $5.1 billion valuation, with Sequoia Capital and Shopify Ventures backing the round. AlleyWatch and StartupResearcher reported $200 million. Bloomberg reported $205 million. The new valuation is about 3.2 times the $1.6 billion set in February, when Tether invested $200 million in the company.
Whop valuation: $1.6 billion in February, $5.1 billion now
Whop is a digital marketplace that helps entrepreneurs build and run online businesses. Its valuation was $1.6 billion after Tether invested $200 million in February 2026, according to StartupResearcher and Fortune. The Series D is the company's second raise of 2026. Read our earlier coverage of the Tether investment.
Dividing the new $5.1 billion valuation by $1.6 billion gives 3.2. The reported valuation rose by $3.5 billion between February and October 2026. The multiple compares two reported valuations, so it is not a return to any investor. None of the Series D reports gave that multiple.
Fortune's June profile of Steven Schwartz, Whop's chief executive and co-founder, opened on his vision of fun work and the company's millionaire count, then traced his start with sneaker bots. At 13, Schwartz was building and selling iOS apps that could snap up in-demand sneakers. He created a bot operation with a future co-founder, and their business, Sole Sniper, sold bots that ranged from $20 to $500. Fortune said the business was inspired by frustration with a fractured internet economy, the same annoyance that led the two to found Whop, a platform where people sell, connect and get paid.
Fortune calls Whop a social commerce platform where users monetize their expertise, content and businesses. The company says it has minted over 650 millionaires and counting. Schwartz founded Whop in 2021 with two co-founders, Fortune reported.
Two outlets report different round sizes and lead roles
The round size differs by outlet. AlleyWatch reports $200 million in Series D funding, led by Sequoia Capital and Shopify Ventures. Bloomberg reports that Whop has raised $205 million at a $5.1 billion valuation. Bloomberg says Sequoia is leading the round and that the venture arm of e-commerce company Shopify Inc. is the other investor, according to Whop. AlleyWatch and StartupResearcher describe both firms as leads.
Bloomberg's report on the round opens with a line from Doug Leone, who used to run Sequoia Capital. He described his first deal at the firm since returning to an active investing role earlier this year: "Rule one of making money is go where they ain't."
Whop's $478 million in reported funding and where the new money goes
AlleyWatch lists $478 million in total reported equity funding for Whop, including the Series D. AlleyWatch's $200 million round is 42% of its $478 million total. The company said the fresh capital will accelerate global expansion and research and development efforts aimed at making payment and advertising markets more efficient, StartupResearcher reported. StartupResearcher also says the Tether investment and this round bring Whop's announced funding for 2026 to $400 million. The reports do not reconcile the $200 million and $205 million figures.
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People Also Ask
How much did Whop raise in its Series D?
Whop raised $200 million in its Series D, according to AlleyWatch and StartupResearcher. StartupResearcher and Bloomberg reported a $5.1 billion valuation. Bloomberg reported $205 million raised at the same valuation, so the two totals differ.
Who backed Whop's Series D funding?
Sequoia Capital and Shopify Ventures backed Whop's Series D funding. Bloomberg names Sequoia as the lead and the venture arm of Shopify Inc. as the other investor, while AlleyWatch and StartupResearcher list both firms as leads.
What was Whop's valuation before the Series D?
Whop was valued at $1.6 billion after Tether invested $200 million in February 2026, according to StartupResearcher and Fortune. The $5.1 billion Series D valuation is about 3.2 times that figure.
What did Steven Schwartz build before Whop?
Steven Schwartz built and sold iOS apps that could snap up sneakers from age 13, Fortune reported. He created a sneaker-bot operation with Cameron Zoub, then founded Whop in 2021 with Zoub and Jack Sharkey.
Sources: Bloomberg, AlleyWatch, StartupResearcher, Fortune.