Fitness tracking app Strava is reportedly seeking proposals from investment banks to support an initial public offering (IPO), which could occur as early as early 2026.
The timing and decision of the IPO depend on market conditions, and the company has not finalized the amount it plans to raise or the valuation it will seek, Reuters reported, citing unnamed sources.
In May, Strava earned a $2.2 billion valuation after raising an undisclosed amount of new funding, including debt, according to the Wall Street Journal. Sequoia Capital led the funding round, joined by existing investors, including TCV, Jackson Square Ventures and Go4it Capital. Strava’s previous fundraising took place in 2020 when the company’s valuation was $1.5 billion.
Mike Martin, Strava’s CEO, told the Wall Street Journal that the company saw “over 50 percent growth in new users last year and is set to reach $500 million in annual revenue in the near future.”
The funding follows the acquisitions earlier this year of AI-driven training apps Runna and The Breakaway, as well as the continued growth of the platform, which now has over 150 million reported global users.
Strava has not commented on the rumored IPO discussions.
Strava said in an August 19 media release that it made two key executive appointments to finalize its leadership team for the company’s “next stage of growth.” They included a new chief financial officer, Matt Anderson, and a new chief marketing officer, Louisa Wee, who bring proven track records in scaling global consumer tech businesses to Strava. The company noted that Anderson guided NextDoor through its public listing and led Block’s IPO efforts in 2015.
Image courtesy Strava
