Alex Cooper and Matt Kaplan’s Unwell is now valued at $500 million following an investment from former Endeavor, WME and TKO executive Patrick Whitesell’s new investment firm, WTSL.
The financial terms of WTSL’s investment were not disclosed, but it marks Unwell’s first outside investment. Cooper, who is the host of the podcast “Call Her Daddy,” founded Unwell with Kaplan in 2023.
Unwell, which has a podcast network with more than a dozen shows that reach millions of listeners daily, says that 89% of its audience is female, with 72% between the ages of 18 and 35. It has nearly 100 million followers across platforms.
In addition to podcasting, the company has partnerships with YouTube and SiriusXM. It has also expanded into live events, such as nationwide tours and SXSW activations, as well as microdramas and streaming series, such as Hulu’s “Love Overboard,” Disney+’s Hannah Montana 20th Anniversary Special” and Netflix’s “Let’s Marry Harry” and “Icebreaker.”
Additionally, Unwell has a consumer products business that includes energy drinks, hydration products and stick packs, and an in-house advertising division, Unwell Creative Agency.
Cooper said that Unwell has been profitable since day one and that it will use the fresh funding to “go to the next level with acquisitions and investments” in IP, talent and companies.
“All of the acquisitions that we’re looking to get into business with, it would have to make sense for Unwell as a whole of what we’ve built, which is primarily focusing on women as a demographic,” Cooper told CNBC in an interview. “We’re looking at some creative agencies that maybe we could acquire that already has the infrastructure, more non-traditional, I would say, to add on to what we’ve already built.”
In addition to funding, WTSL will provide Unwell with “deep strategic expertise, industry relationships and a proven track record of supporting some of the most innovative companies and storytellers in media,” such as Peyton Manning’s Omaha Productions.
“Alex, Matt and the team have demonstrated an exceptional ability to anticipate where audiences are headed and create entertainment experiences that resonate deeply,” Whitesell said in a statement. “The company’s growth, audience connection and cultural relevance set it apart, and we believe Unwell is uniquely positioned to help define the present and future of media.”
The milestone for Unwell comes after Cooper and Kaplan were accused of fostering a toxic work environment at the company in a lengthy exposé by Vanity Fair that cited 40 sources, including 30 who were identified as either former or current Unwell employees.
In June, Cooper pushed back against the claims in an interview with the Wall Street Journal.
“I will say that building a startup, there is so much growth that comes with that, and I am extremely proud of what we have built at Unwell,” Cooper said at the time. “I will just kind of leave it at, ‘Don’t believe everything that you read on the internet.’ I think everyone knows that at this point.”
Following further questioning from the outlet, Cooper added: “I think that we have done a really incredible job at Unwell, and I think if you walk the halls, there are so many people that are so happy to work at this company. I think, unfortunately, being a woman in this industry is extremely difficult because you’re held to a complete different standard. Whether it’s a smear campaign being created for someone’s narrative — whatever it be.”
“I think when you read lies about yourself to fuel something else that is an obvious situation going on, it’s hard,” the “Call Her Daddy” host concluded. “But I think the reason that I’ve had success in this industry is I have really thick skin, and I’m going to keep pushing forward.”
