– USA, CA – Strava, the leading social platform for athletes, today 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.
“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, Strava 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.”
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. Strava 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, Strava is uniquely positioned and boasts a strong value proposition for athletes and partners alike,” said Neil Tolaney, General Partner at TCV. “Strava’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles. Also, Strava’s outsized growth in community membership, activities, and subscribers demonstrates its importance for athletes to best fulfill their objectives.”
About Strava
Strava is the leading social platform for athletes and the largest sports community in the world, with over 70 million athletes in 195 countries. If you sweat you’re an athlete, and Strava’s mobile apps and website connect millions of active people every day. Strava gives athletes simple, fun ways to stay motivated and compete against themselves and others without having to be in the same place at the same time. All athletes belong on Strava no matter where they live, which sport they love, or what device they use. Join the community and make the most of your sport with a Strava subscription.
For more information: https://www.strava.com/
About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since its inception, TCV has invested over $14 billion in leading technology companies and has helped guide CEOs through more than 125 IPOs and strategic acquisitions.TCV investments in consumer subscription companies include Airbnb, Dollar Shave Club, EA, Expedia, Facebook, LegalZoom, Netflix, Peloton, Spotify, Zillow, and more. TCV is headquartered in Menlo Park, California, with offices in New York and London.
For more information: https://www.tcv.com/
About Sequoia
Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from 48 years of tribal knowledge from working with founders like Steve Jobs, Larry Ellison, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko, Julia Hartz, and Jack Dorsey. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. From the beginning, the vast majority of the money we invest has been on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic, and MIT, which means founders’ accomplishments make a meaningful difference.
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