Fitness app Strava reached a $2.2 billion valuation after raising an undisclosed amount of new funding including debt, The Wall Street Journal reported. The new deal represents a nice boost for the company, which last raised funding in 2020 at a $1.5 billion valuation.
Sequoia Capital led the round and was joined by existing investors including TCV, Jackson Square Ventures and Go4it Capital.
Along with the funding, Strava said it has acquired a training app for cyclists called The Breakaway for an undisclosed amount. The Truckee, California-based startup had raised $2.9 million, according to Crunchbase. That acquisition follows Strava’s purchase last month of London-based running training app Runna for an undisclosed amount as well.
Like many fitness apps, San Francisco-based Strava saw a surge in popularity during the pandemic. The app is used by people to track running, cycling, hiking, swimming and dozens of other fitness activities. Users can also track their fitness progress in the app and share activities and photos with friends on a social media-like feed. In recent years, Strava has added AI-driven fitness insights for users.
CEO Mike Martin told the Journal that Strava had been growing steadily leading into the funding and recent acquisitions. The company is on track to hit $500 million in annual recurring revenue soon, he said. It saw more than 50% growth in new users in 2024 and now has more than 150 million registered users worldwide.
Strava’s new round comes as funding to fitness-related startups has plummeted since its pandemic-era highs. Startups in the category raised $1.26 billion in 2024, the lowest amount in the past five years, Crunchbase data shows, and a fraction of the $6.27 billion such companies raised in 2021.
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Illustration: Dom Guzman
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