All Strava users know: if it’s not logged, it didn’t happen. Now the app itself is gearing up for its biggest workout yet — a public listing.
The fitness tracking app is exploring a U.S. initial public offering and has invited major investment banks to pitch for advisory roles, according to Reuters.
The San Francisco-based company, which is valued at a whopping $2.2-billion valuation by a funding round led by Sequoia Capital in May, is said to be considering banks including Goldman Sachs, JPMorgan and Morgan Stanley. Existing investors Jackson Square Ventures, TCV and Go4it Capital Partners also participated in the financing round.
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Strava did not immediately respond to requests for comment to Reuters. Furthermore, there were representatives for Goldman Sachs, JPMorgan and Morgan Stanley that felt like chatting, unfortunately.
The company was founded in 2009 by Michael Horvath and Mark Gainey. The two of them met on Harvard University’s crew team. Since then, Strava has grown into a global platform with more than 150 million active users in 185 countries. As we all know, the app combines social networking with fitness tracking. It allows you to share workouts, give “kudos” to friends, and compare themselves against elite athletes. Although not all pro cyclists share their data, when they do–yikes!
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Its popularity surged during the pandemic as home and outdoor fitness routines expanded. (You can even DM your friends and colleagues now about your FTP increasing. It’s something that some of us here at Canadian Cycling Magazine do all the time. Like, all the time.)
Sources say the IPO could occur as early as 2026, though the company has not finalized how much it plans to raise or what valuation it will seek. Last month, Strava hired a chief financial officer. That’s usually a move often interpreted as preparation for a public offering.