OnXmaps, Inc., provider of the onX HUNT mobile app and industry leader in mobile mapping technology for outdoor adventurers, announced it has raised $20.3 million in a funding round led by global growth equity investor Summit Partners. Additional investors include Bessemer Venture Partners, Millennium Technology Value Partners, Next Frontier Capital and Steve Burke (CEO NBCUniversal).
This event marks the largest growth equity investment in a mobile and consumer-focused business in Montana’s history.
“The onX team is incredibly passionate about empowering our customers’ outdoor pursuits by providing the best mobile experience and most relevant data,” said Eric Siegfried, CEO of onX. “This investment enables us to take our solutions and our team to the next level. Whether our customers are hunting big game, looking for the best spot to camp, fishing new water, or walking land ownership boundaries, onX has them covered – now and in the future.”
The capital will be used to expand the teams at onX’s Missoula and Bozeman, Montana, offices, to continue building all aspects of the company’s mapping solutions, and to assemble the definitive off-pavement mapping data set.
“In many ways, the onX story represents the quintessential entrepreneurial journey. Eric founded onX to address a major gap in the outdoor recreation market and bootstrapped the business to an impressive scale,” said Greg Goldfarb, managing director at Summit Partners and onX board member. “OnX HUNT combines the power of the nearly ubiquitous global positioning receivers that are now in every smart phone, with layers of mapping information to help users get the most from their time in the wild. We are excited to partner with the onX team for this next phase of growth.”
OnX was founded in 2009 with the promise of providing confidence to always ‘know where you stand’ at the center of its mission. This still rings true today, as the company’s flagship product, onX Hunt, helps hundreds of thousands of outdoorspeople successfully navigate public and private lands. Fueled by a deeply held passion for successful outdoor experiences, onX now employs nearly 70 people and plans to continue building its team.
“A growth equity financing of this caliber, by a Montana company, is testament to onX’s vision and resolve to build best-in-class products for customers,” said Jason Mittelstaedt, founding partner at Yellowstone Growth Partners and onX Board Member. “It’s been an incredible experience partnering with Eric and the team for the past 2½ years to transform the business into a world-class mobile technology company. The growth of the company, team, technology, and brand is amazing. And we believe they are just getting started.”
