- General
- November 16, 2020
- 4 minutes read
Strava Lands $110M Round
Michael Moritz of Sequoia Capital co-led the new round for Strava on behalf of his venture capital firm. Photo…
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| Michael Moritz of Sequoia Capital co-led the new round for Strava on behalf of his venture capital firm. Photo credit: Fortune Live Media, licensed under CC BY-NC-ND 2.0 |
Strava, the popular fitness app, has raised $110 million in Series F funding led by venture capital firms TCV and Sequoia Capital, with participation from the likes of Dragoneer Investment Group, Jackson Square Ventures, Go4it Capital, and Madrone Capital Partners. The new funding round corroborates a recent report of Strava looking to raise new funding at a valuation of over $1 billion. The company’s valuation with the new round isn’t disclosed, however.
With the new round, Strava has now raised a total of over $150 million in outside funding. The popular social app for fitness enthusiasts has grown significantly over the years, now with more than 70 million members from 195 countries. Strava says it’ll put the new funding towards product development to roll out more features for its global community.
Strava is one of the most popular fitness apps globally and makes money on a freemium model whereby members pay for access to a set of features that are not available to free-tier users. The company also makes money from selling crowdsourced location and commuting datasets to outside firms.
The new round for Strava was spearheaded by investors Michael Moritz of Sequoia Capital and Neil Tolaney of TCV. Investment bank J.P. Morgan acted as the placement agent for the round.
