Fitness tracking and social media platform Strava has raised $110 million in new funding in a Series F round led by TCV and Sequoia. The funding will be used to improve existing technology, develop new features for the Strava app and to expand the company’s reach to more users. Strava has seen significant growth in 2020. The company has reported that it added over 2 million new users per month in 2020. Along with activity tracking, the app offers social network features like virtual competitions and community goal setting.
The company now has 70 million members with a presence in 195 countries, making it one of the largest social media platforms for fitness enthusiasts in the world. This year, the company debuted a new Strava Metro service to provide anonymized, aggregated data for urban planners and transport managers to understand how people get around their cities, improve infrastructure and implement safer streets initiatives. The company has reported that the data it collects has been used by more than 300 city governments and urban planners.
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