Exercise tracking and social sharing platform Strava has raised $110 million in a Series F funding round, it announced on Nov. 16.
The round was led by investment firm TCV and Sequoia Capital and also included funding from Dragoneer Investment Group and existing investors Madrone Capital Partners, Jackson Square Ventures and Go4it Capita. TCV is also an investor in connected fitness company Peloton.
The financing will go towards building more features and supporting the app’s global community, the company said.
Strava — particularly popular among runners and cyclists — says it has over 70 million users across 195 countries. The company, which employs a “freemium” model, launched in 2009.
“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” Strava co-founder and CEO Michael Horvath said in a statement. “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.”
Like many online fitness platforms, Strava has found success amid the COVID-19 pandemic.
The company has added more than 2 million athletes per month in 2020, it said, and “rolled out over 60 new features for athletes as part of a renewed commitment to subscribers.” It also made “Strava Metro” free for urban planners and city governments to help create safer cities for pedestrians and cyclists.
Strava has also found new uses as a home for virtual races and as a way for teammates to stay connected in their training despite pandemic-induced limitations.