Exercise and health monitoring platform Strava has raised $110 million in new funding, in a Collection F spherical led by TCV and Sequoia, and together with participation by Dragoneer group, Madrone Capital Partners, Jackson Sq. Ventures and Go4it Capital. The funding will probably be used to propel the event of recent options, and broaden the corporate’s attain to cowl much more customers.
Already in 2020, Strava has seen important development. The corporate claims that it has added over 2 million new “athletes” (how Strava refers to its customers) monthly in 2020. The corporate positions its exercise monitoring as centered on the neighborhood and networking elements of the app and repair, with options like digital competitions and neighborhood goal-setting as consultant of that strategy.
Strava has 70 million members already in line with the corporate, with presence in 195 nations globally. The corporate debuted a brand new Strava Metro service earlier this yr, leveraging the information it collects from its customers in an aggregated and anonymized means to supply metropolis planners and transportation managers with useful information about how folks get round their cities and communities – all free for these governments and public businesses to make use of, as soon as they’re authorized for entry by Strava.
The corporate’s uptick in new consumer provides in 2020 is probably going due a minimum of partially to COVID-19, which noticed a common enhance within the variety of folks pursuing out of doors actions together with biking and working, significantly at first of of the pandemic when extra aggressive lockdown measures have been being put in place. As we see a possible return of lots of these extra aggressive measures as a result of surges in optimistic instances globally, fitness center closures may provoke much more curiosity in out of doors exercise – although winter’s impact on that urge for food amongst customers in colder climates will probably be fascinating to look at.
Strava’s app is accessible free on iOS and Android, with in-app purchases obtainable for premium subscription options.