Strava announced that it has raised $110 million in a Series F financing round led by TCV and Sequoia Capital, with participation by Dragoneer Investment Group and existing investors including Madrone Capital Partners, Jackson Square Ventures, and Go4it Capital.
Strava has more than 70 million members in 195 countries. This financing will help the company build more features, support its global community and expand to better serve more athletes.
“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” said Strava Co-Founder and CEO, Michael Horvath. “Today that means making Strava indispensable to athletes everywhere. When we do that well, we connect athletes to what motivates them, fuel the growth of our community, and strengthen our business. The experiences of Michael Moritz at Sequoia and Neil Tolaney at TCV with companies at Strava’s stage and beyond will be invaluable as we strive to enable athletes worldwide to get the most out of their active lives.”
In 2020, Strava has seen rapid growth, adding more than 2 million athletes per month to its community. Additionally, the company rolled out over 60 new features for athletes as part of a renewed commitment to subscribers and made Strava Metro free for urban planners and city governments. Strava Metro’s aggregate data helps over 300 city governments and urban planners create safer cities for pedestrians and cyclists.
“TCV has been bullish on and an active investor in the connected fitness and health ecosystems over an extended duration. As the largest and most engaged community of athletes in the world, Strava is uniquely positioned and boasts a strong value proposition for athletes and partners alike,” said Neil Tolaney, General Partner at TCV.
J.P. Morgan served as sole placement agent for Strava in connection with the transaction and O’Melveny & Myers LLP provided legal counsel to Strava.
Photo courtesy Strava