Connected fitness social platform Strava raises funds
Strava, which is the largest sports community in the world with more than 70 million members in 195 countries, says the financing will help it build more features that athletes love, support its global community, and expand to better serve more athletes. The platform is designed to give anyone, anywhere access to an athletic community.
Staying motivated is the oldest and biggest problem in health and fitness, but, says the company, it has tapped into the magic ingredient to keep people moving: human connection. Strava enables motivation through competition, camaraderie and accountability. According to the company, 94% of its subscribers who set a goal remain active nine months later.
The financing round was led by TCV and Sequoia Capital.
“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” says 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.”
Michael Moritz, Partner at Sequoia adds, “Strava has spent a decade accumulating the mojo required to help people become healthier and fitter. In the future, being on Strava will be essential for anyone aspiring to live a healthy life.”
In 2020, the company says it 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 its users as part of a renewed commitment to subscribers and made its Strava Metro data service – which aims to help cities improve infrastructure for cyclists and pedestrians – free for urban planners and city governments. Strava Metro’s aggregate data, says the company, currently helps over 300 city governments and urban planners create safer cities for pedestrians and cyclists.
Neil Tolaney, General Partner at TCV says, “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.”
“Strava’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles,” says Tolaney. “In addition, Strava’s outsized growth in community membership, activities and subscribers demonstrates its importance for athletes to best fulfill their objectives.”
Other investors participating in the financing round included Dragoneer Investment Group and existing investors including Madrone Capital Partners, Jackson Square Ventures and Go4it Capital.
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