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Strava is striving to dominate the market for fitness apps, announcing Thursday its second acquisition in as many months with the purchase of a training app for cyclists called The Breakaway.
The Breakaway app provides users with personalized cycling training regimens, analysis of their rides, and other tools aimed at motivating them to remain active. Financial details were not disclosed.
The deal comes the same day that San Francisco–based Strava closed a new round of funding that values the business at more than $2.2 billion, including debt, Strava VP of global communications Brian Bell confirmed to FOS. The round was reportedly led by Sequoia Capital and included participation by TCV, Jackson Square Ventures, and Go4it Capital. A representative for TCV confirmed the firm contributed to the new funding but would not comment further. Representatives for the other firms did not immediately respond to requests for comment.
Bell tells FOS that The Breakaway was an attractive target thanks to its “great ride analysis and achievement tracking tools,” which will be added to Strava’s cycling offerings. Once that integration has been completed, The Breakaway’s stand-alone app will be shut down.
Strava has been focused on growth as the fitness app industry explodes. The total value of the global fitness app market is expected to balloon to $23.21 billion by 2030, according to Grand View Research. In 2022, it was valued at about $8.21 billion.
Strava, which offers an exercise-tracking app, boasts more than 150 million users across 185 countries, according to its website. Last month, it acquired U.K. tech company Runna, a move meant to give Strava users feedback and insights on their activities in real time. That deal followed a few other relatively recent transactions; in 2023, Strava bought 3D mapping platform Fatmap, and before that it purchased injury prevention app Recover Athletics.
The COVID-19 shutdowns led to a casual running boom, which has not yet slowed as participation in running continues to grow. Strava and its competitors, including MyFitnessPal, Fitbit, Nike Run Club, and Runkeeper, are trying to capitalize on running’s increasing popularity.
A representative for The Breakaway did not immediately respond to requests for comment.
