SAN FRANCISCO — Strava, an app popular with the cycling community, has raised $18.5 million in new money to pay for future growth and expansion, reports Re/Code Daily, a website that covers the digital technology market.
“We’re now approaching the point where 75 percent of our users exist outside of the U.S.,” Mark Gainey, Strava’s CEO, told Re/Code Daily. “We’re also seeing that people are using Strava across multiple sports, so we’re exploring how to build out the service in an authentic way in all areas of sports.”
Sequoia Capital, a Menlo Park, California, venture capital firm, is leading the funding round, with current investors Sigma West and Madrone Capital Partners contributing to it. Michael Moritz, a partner with Sequoia, is now an adviser at Strava.
Strava, founded in 2009, runs on unlock iOS and Android operating systems. Some 3 million activities are recorded on the app each week. Gainey declined to tell Re/Code Daily the percentage of paying users Strava has acquired or the total number of users registered with Strava.
The app isn’t just popular with cyclists, Gainey said. Around 30 percent of users log their runs and 10 to 15 percent record other activities including hiking, skiing, weight training, swimming and yoga. To read the entire article, go to www.recode.net.
