The app now has over 70 million members across 195 countries.
It plans to use the additional cash injection to develop new features.
“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” said Strava co-founder and CEO, Michael Horvath. “Today that means making Strava indispensable to athletes everywhere. When we do that well, 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.”
Strava said it added over 2 million athletes per month in 2020 – an increase that’s undoubtedly being bolstered by COVID-19 lockdowns.
The app is based on the principle of connecting with others in order to keep motivated to work out.
It offers competitions and provides a way for people to share their progress with one another.
According to the app some 94% of subscribers continue to be active after nine months of starting using the app in this manner.
“TCV has been bullish on and an active investor in the connected fitness and health ecosystems over an extended duration. 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,” said Neil Tolaney, General Partner at TCV.
“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 fulfill their objectives.”