Athlete and commuter social network Strava has secured $110 million in Series F financing in a funding round led by TCV and Sequoia Capital.
Strava co-founder and CEO, Michael Horvath said: “We’re excited to partner with TCV and Sequoia. Together we’re building for athletes”
“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.”
2020 has seen the brand add more than 2 million athletes per month to its community, as well as launching over 60 new features for athletes as part of a renewed commitment to subscribers.
Additionally, the company has made Strava Metro free for urban planners and city governments as its data helps over 300 city governments and urban planners create safer cities for pedestrians and cyclists. CIN’s imminent Trade Journal carries an interview with the firm on how city planners can take advantage of this service.
Strava enables motivation through competition, camaraderie and accountability. Michael Moritz, Partner at Sequoia said: “Strava has spent a decade accumulating the mojo required to help people become healthier and fitter. In the future, being on Strava will be essential for anyone aspiring to live a healthy life.”
Neil Tolaney, General Partner at TCV said: “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.”
“Strava’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles. In addition, Strava’s outsized growth in community membership, activities and subscribers demonstrates its importance for athletes to best fulfill their objectives.”
Sequoia Capital has had eyes for cycling industry investments before now having previously reportedly been circling the formerly Uber-owned Jump hire bike platform.