Strava Raises $110 Million to Fuel Rapid Growth

The activity and fitness tracking service, Strava, has secured $110 million in a new investment round – a Series F – spearheaded by TCV and Sequoia. This funding round also included contributions from Dragoneer group, Madrone Capital Partners, Jackson Square Ventures, and Go4it Capital. These new funds will be allocated to the creation of innovative features and broadening the platform’s user base.

Throughout 2020, Strava experienced substantial expansion, gaining over 2 million new users each month, who Strava designates as “athletes.” The company emphasizes the social and networking elements of its activity tracking, offering functionalities such as virtual challenges and collaborative target setting to foster a sense of community.

Strava currently boasts a membership of 70 million individuals across 195 countries worldwide. Earlier this year, the company launched Strava Metro, a service that utilizes aggregated and anonymized user data to offer city planners and transportation officials insights into urban mobility patterns. This data is provided at no cost to approved government and public sector organizations.

The surge in new Strava users during 2020 is likely connected, at least partially, to the COVID-19 pandemic, which prompted a rise in participation in outdoor activities like running and cycling, especially during periods of stricter lockdowns. With the potential resurgence of such restrictions in response to increasing case numbers globally, gym closures may further stimulate interest in outdoor fitness – however, it will be noteworthy to observe how winter weather impacts user engagement in colder regions.

The Strava application can be downloaded without charge on both iOS and Android platforms, with optional in-app purchases unlocking enhanced premium features.