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04 Dec 2020
Strava raises US$110m after adding 24 million users in 2020
By Tom Walker
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Strava has experienced rapid growth during 2020, adding more than 2 million users per month to its community throughout the year
Photo: Shutterstock.com/Jinna Sardsongvit
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Strava has raised US$110m in a Series F financing round led by TCV and Sequoia Capital.
Other investors taking part in the round were Dragoneer Investment Group and existing investors – including Madrone Capital Partners, Jackson Square Ventures and Go4it Capital.
The funding comes as Strava has experienced rapid growth during 2020, adding more than 2 million users per month to its community throughout the year.
The growth is partly down to the closing of health and fitness facilities during lockdowns around the world and people looking for alternative ways to stay active.
In the past 12 months, Strava has also rolled out more than 60 new features across its platform, as well as making Strava Metro free for urban planners and city governments.
Strava Metro has been designed to help create safer cities for pedestrians and cyclists, by using the data created by Strava users.
In total, the Strava platform now has more than 70 million users in 195 countries.
"Strava has spent a decade accumulating the mojo required to help people become healthier and fitter," said Michael Moritz, Partner at Sequoia.
"In the future, being on Strava will be essential for anyone aspiring to live a healthy life."
Strava co-founder and CEO, Michael Horvath, added: "Together with TCV and Sequoia, we're building for athletes.
"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."
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