British start-up backed by Usain Bolt raises $60m in new funding | Business News

A British start-up that organises sports challenges and is backed by Serena Williams and Usain Bolt has raised $60m in funding to continue its global expansion, it said. 

Let’s Do This was founded in 2016, and has amassed more than five million active users on its online platform, helping people to take part in races, bike rides, and triathlons – a market worth $18bn (£14.38bn).

Some of those events include Hackney Moves, The Great North Run and the Oxford Half.

The company is already backed by venture capital fund Y Combinator, which has previously invested in start-ups such as Airbnb, Reddit, and Coinbase.

The latest fundraising round saw San Francisco-based Craft Ventures and Headline join as lead investors, supported by further funds from existing investors EQT, NFX and Y Combinator.

“We are living in a world where we spend more time than ever with our heads buried in our phones,” said Alex Rose, co-founder of Let’s Do This. “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.”

The company said it has experienced “phenomenal growth” over the past year, despite live events taking a huge 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,” Mr Rose added.

The money raised will be used to improve the website and app for those searching for events, and to expand its team with a number of new software engineers.

Let’s Do It said it 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 headquarters in Boulder, Colorado.

“I love sport and have seen first-hand the positive impact it can have on people’s lives,” said Serena Williams, an angel investor in Let’s Do This.

“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.”