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Strava has raised $110 million in a Series F financing, the company announced Monday.
The round was led by TCV and Sequoia Capital, with participation by Dragoneer Investment Group and existing investors including Madrone Capital Partners, Jackson Square Ventures and Go4it Capital.
In early October, Bloomberg reported that Strava was seeking to raise equity from new investors at a valuation of over $1 billion.
The size of the Series F funding dwarfs Strava’s previous funding rounds, which totaled $70 million combined. TCV and Sequoia Capital are two of the most influential venture firms in Silicon Valley.
“This financing will help the company build more features that athletes love, support its global community and expand to better serve more athletes,” Strava said in a statement.
Strava has undergone significant internal and external changes since the return of its founder, Michael Horvath, as CEO last year. It doubled down on its a membership-focused model, which led to a shakeup for both paid and free users. Those changes put one of Strava’s core functionalities, its leaderboards, behind a paywall, but also made products like Strava Metro, which provides data to urban planners, free of charge.
Strava has added more than 2 million users per month to its service, according to the company statement, growing that community to 70 million users in 195 countries.
“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.”