Published November 16, 2020 12:23PM
Strava lands $110 million Series F financing
According to Strava, this financing will allow the company to build wish-list features, improve existing technology, and expand to provide service to more users.
Garmin's new Edge 520 allows riders to see KOM/QOM results immediately while riding. Photo: Strava
Strava announced Monday that it has secured $110 million in Series F financing.
This latest round of cash inflow was led by TCV and Sequoia Capital, with assistance from Dragoneer Investment Group, and also existing investors including Madrone Capital Partners, Jackson Square Ventures, and Go4it Capital.
“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.”
According to Strava, this financing will allow the company to build wish-list features, improve existing technology, and expand to provide service to more users. The company has boasted that has rolled out more than 60 new features just this year, while the data it collects has been used by more than 300 city governments and urban planners
Strava made Strava Metro a free product for urban planners to utilize data provided by its user base, to improve infrastructure and implement safer streets initiatives.
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Earlier this year, Strava put some of its most in-demand features behind a paywall. However, this has not slowed its growth.
So far in 2020, Strava claims to have more than 70 million users across 195 countries, making it the largest social media platform for fitness enthusiasts the world over. The company also reports that it has already added more than 2 million athletes per month during the current calendar year. 94 percent of Strava subscribers who set a goal remain active nine months later.