AllTrails, a fitness and travel app used for hiking and outdoor recreational activities, has raised $150 million in fresh capital from the growth fund of Permira, a London-based investment firm.
“As the world opens back up, we’re seeing the staying power of this connection to the outdoors,” CEO Ron Schneidermann told TechCrunch.
AllTrails will use the fresh capital to expand its business across international markets and grow its workforce. Spectrum Equity will retain its majority stake in AllTrails following the investment, which it bought in 2018 for $75 million.
Launched in 2010, AllTrails has more than 30 million global users and experienced triple-digit growth in 2020 due to the pandemic.
- Last year, the app was installed by 8.7 million users worldwide, an 89% increase year-over-year.
- It saw monthly active users jump 36% in Q3 2021 compared to the same period last year.
- The app has reached 1 million users who pay $29.99 per year for the pro version of the app.
AllTrails marks the second fitness-related investment by Permira in the last year. In September 2020, the investment firm took part in a $450 million Series C funding round for Zwift, an online fitness platform for cyclists and runners.