Proving the Business Case for the Internet of Things

Strava fitness website raises $18.5 million for global expansion

Iain Morris
November 5, 2014

A website that was set up to connect athletes and let them share details of their fitness activities has raised $18.5 million from venture capital firm Sequoia.

Strava (San Francisco, CA, USA) says it will use the funding to fuel its international expansion and strengthen its leadership position in the digital sports arena.

The company says that while Sequoia (Menlo Park, CA, USA) led the funding round it also received additional financial support from existing investors Sigma West (San Francisco, CA, USA) and Madrone Capital Partners (Menlo Park, CA, USA).

“Strava is building tomorrow’s sporting network in the manner that Facebook and LinkedIn have developed today’s social and professional networks,” said Michael Moritz, the chairman of Sequoia. “Even for the hapless and occasional athletes at Sequoia, Strava has become the essential and amusing way to post and compare our woeful performances and share them with friends and family.”

Strava claims that both amateur and professional athletes use its service and that it is currently available across 11 languages and covers 23 sports.

The company also says that hundreds of millions of activities have been shared on its website, many of which have made use of new data-driven and connected-device services, including its own Strava Metro feature.

According to its statement, approximately three million activities are currently tracked and shared by the Strava community each week.

“Since day one we have focused on building a network that serves to motivate and entertain the world’s athletes,” said Mark Gainey, the co-founder and chief executive of Strava. “With Sequoia joining our team, we are better positioned to execute our mission and strengthen Strava’s leadership in digital sports.”

Founded in 2009, Strava includes a variety of mobile apps and website features that let members plan workouts, record and share activities and then analyze and compare performance.
 
 
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