Strava Announces $110 Million Financing
Strava, the leading social platform for athletes, 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 is the largest sports community in the world with more than 70 million members in 195 countries. This financing will help the company build more features that athletes love, support its global community and expand to better serve more athletes.
Marketing Technology News: Merkle B2B Study Reveals Gaps in Customer Expectations and Experiences
“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” said 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, the company 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.
“Strava has spent a decade accumulating the mojo required to help people become healthier and fitter,” said Michael Moritz, Partner at Sequoia. “In the future, being on Strava will be essential for anyone aspiring to live a healthy life.”
Marketing Technology News: Loopio and Seismic Announce an Industry-First Partnership
Strava gives anyone, anywhere access to an athletic community. Staying motivated is the oldest and biggest problem in health and fitness, but Strava has tapped into the magic ingredient to keep people moving: human connection. It enables motivation through competition, camaraderie, and accountability. It’s a formula that works – 94% of Strava subscribers who set a goal remain active nine months later.
“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, the company is uniquely positioned and boasts a strong value proposition for athletes and partners alike,” said Neil Tolaney, General Partner at TCV. “The company’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles. In addition, the outsized growth in community membership, activities, and subscribers demonstrates its importance for athletes to best fulfill their objectives.”
Marketing Technology News: Inxeption Adds Two Key Senior Executives