Strava secures financing from PTO supporter Michael Moritz
Sequoia's Michael Moritz part of group that's invested $110 million into social platform for athletesPhoto by: Getty Images
Michael Moritz from Sequoia Capital has made another big investment into the endurance world – he’s part of a group that’s come up with $110 million in financing for Strava. Sequoia and TCV led the financing round.
Strava has enjoyed huge growth in 2020, “adding over two million athletes a month to its community,” according to a press release from the company today.
The financing will “help the company build more features that athletes love, support its global community and expand to better serve more athletes.”
Started in 2009, Strava has become the leading social network for endurance athletes, tracking cycling and running workouts. It now has over 70 million members in 195 countries. The company tracks so much workout data that its Strava Metro website now works with over 300 city governments and urban planners to help design safer cities for pedestrians and cyclists.
“Strava has spent a decade accumulating the mojo required to help people become healthier and fitter,” Moritz said. “In the future, being on Strava will be essential for anyone aspiring to live a healthy life.”
In January Moritz’s company Crankstart Investments backed the Professional Triathletes Organisation (PTO), giving the group the financial clout to support pro triathletes through the pandemic and provide much-needed prize purses for various events around the world. That includes the Canadian Pro Triathlon Championship and the upcoming PTO Championship that will be part of Challenge Daytona, which will offer the sport’s largest prize purse of $1.15 million.
“TCV has been bullish on and an active investor in the connected fitness and health ecosystems over an extended duration,” said Neil Tolaney, General Partner at TCV. “As the largest and most engaged community of athletes in the world, Strava is uniquely positioned and boasts a strong value proposition for athletes and partners alike. Strava’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles. In addition, Strava’s outsized growth in community membership, activities and subscribers demonstrates its importance for athletes to best fulfil their objectives.”