Strava is looking to be the next financial darling of the connected fitness boom. The fitness-centric social network is reportedly courting new investors for a new equity round seeking a valuation of more than $1 billion.
Its most recent valuation was $365 million, but Strava is now profitable and seeking to raise between $150 million and $400 million. Strava allows users to track their physical activities, while allowing friends to engage and compete — and while free, there’s a $5 paid premium subscription as well.
As gym goers took to at-home and outdoor workouts during the coronavirus pandemic, the platform boomed. Connected fitness platforms like Zwift and Tonal have attracted massive investments during the pandemic — $450 million and $110 million.
Strava’s Pandemic Growth
68M members (up 35% from February)
3.4M downloads in May (up 179% from January)
$6.4M in revenue in May (up 166% from January)