Athlete Social Platform Strava Closes $110 Million In Funding

By Noah Long ● November 17, 2020
  • Strava — a leading social platform for athletes — announced it raised $110 million in Series F funding led by TCV and Sequoia Capital

Strava — a leading social platform for athletes — announced it raised $110 million in Series F funding led by TCV and Sequoia Capital with participation by Dragoneer Investment Group and existing investors including Madrone Capital Partners, Jackson Square Ventures and Go4it Capital.

Currently, Strava is the largest sports community in the world with over 70 million members in 195 countries. And this funding round will help the company build more features that athletes will appreciate, support the global community, and expand to better serve more athletes.

This year, Strava has seen rapid growth, adding over 2 million athletes per month to its community. And additionally, the company rolled out over 60 new features for athletes as part of a renewed commitment to subscribers and made Strava Metro free for urban planners and city governments. Strava Metro’s aggregate data helps more than 300 city governments and urban planners create safer cities for pedestrians and cyclists.

Strava gives anyone access to an athletic community. And staying motivated is the oldest and biggest problem in health and fitness, but Strava has tapped into the magic ingredient to keep people moving: human connection. Strava essentially enables motivation through competition, camaraderie, and accountability. 

J.P. Morgan served as sole placement agent for Strava in connection with the transaction and O’Melveny & Myers LLP offered legal counsel to Strava.

KEY QUOTES:

“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.”

— Strava co-founder and CEO Michael Horvath

“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.”

— Michael Moritz, Partner at Sequoia

“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.”

— Neil Tolaney, General Partner at TCV