Home Funding Strava gains US$110 million Series F funding

Strava gains US$110 million Series F funding

Strava gains US$110 million Series F funding
Strava gains US$110 million Series F funding

Strava, a San Francisco based fitness tracking platform, announced securing US$ 110 million investment in a Series F funding round on 16 November 2020. The round was led by Sequoia Capital and TCV with the participation from Madrone Capital Partners, Go4it Capital, Dragoneer Group and Jackson Square Ventures

Strava is planning to use this funding for developing new features for the platform and scaling the reach of the company to gain more users. The platform already saw a good growth in 2020 and, as they claim, they have added around 2 million more uses per month this year. They presently have 70 million active members or athletes with their presence marked in 195 countries worldwide. This year they introduced a new service, Strava Metro. This service provides data collected from the users in an anonymous and aggregated manner to the transport managers and city planners for how people travel around the cities and communities. Strava Metro is freely available for the public agencies and government use. Their app is available on android and IOS platforms and has premium subscription features with some in app purchases. 

The CEO and co-founder of Strava, Michael Horvath said, “We are very excited to be associated with Sequoia and TCV. We are together building for the athletes. We connect the athletes with their motivation that fuels our communities’ growth and strengthens our business.”

Strava provides the world’s largest rail and route resource. There are millions of athletes from all across the world over the platform which makes their rail and road network unmatched.

About Strava

The San Francisco California based platform Strava, is an online network that binds the global community of athletes together. It was founded in 2009 by Mark Shaw, Mark Gainey, Michael Horvath and Yandong Liu. The freely available apps and websites help their users to discover, record, analyze, share and compare their performances. The platform makes fitness more like a social experience and provides extra motivation to the athletes when they are training alone. It gives fun and simple ways to the users to compete against themselves and without the necessity of being together at a time. They are a passionate team of people connected through the mission of building the most and aged athlete’s community across the world. The features like community goal setting and virtual competitions make the platform even more interesting. People cannot just track their adventure but can also post the photos with captions on the platform. 

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