Michael Hovarth, Co-Founder and CEO, Strava. Photo credit: Hubert Burda Media, licensed under Creative Commons

Strava, the popular social network for athletes, is seeking to raise new funding from investors at a valuation of over $1 billion, according to a report [paywall] from Bloomberg. According to Bloomberg, Strava is looking to raise between $150 million and $400 million in new funding amid an uptick in user numbers in recent times. Already, Strava, which was founded in 2009, has raised over $40 million in funding and was valued at $365 million from its most recent financing round (PitchBook data). Among Strava’s backers include notable names like Sequoia Capital, Madrone Capital Partners, and Jackson Square Ventures.

Strava is a popular social network and community for athletes and fitness enthusiasts, currently with tens of millions of registered users. The company’s user numbers have shot up this year, currently at 68 million compared to 50 million in February of this year. Strava makes money from premium tier subscriptions as well as offering crowdsourced location and commuting datasets to urban planners.

A $1 billion valuation and at least $150 million in new funding would vault Strava to a status of being one the most capitalized and highest-valued fitness upstarts. 

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