Strava, Inc. Announces $3.5 Million Investment by Sigma Partners
Funding Supports Team Growth and Product Expansion
SAN FRANCISCO, Jan. 12, 2011 /PRNewswire/ -- Strava, Inc. (www.strava.com), creator of powerful Web and mobile apps for avid athletes, has secured $3.5 million in a Series A investment from a group of investors led by Sigma Partners. Strava will put funding towards building its stellar team, adding products and services for athletes in sports beyond its current offerings for avid cyclists, and broadening and deepening the Strava Mobs – the communities of avid athletes using Strava now in 50 U.S. states and 67 countries.
"Usage of GPS-enabled devices among athletes is projected to skyrocket four to five times over the next five years, and we're building the web experience for the avid among," said Michael Horvath, co-founder and CEO of Strava. "With our Series A raise and fantastic group of investors, we'll be able to expand our team and continue to create solutions that let some of the best and most enthusiastic athletes in the world experience social fitness– sharing, comparing and competing with each other's precise, personal fitness data on-line and via mobile apps. We're just getting started!"
Avid athletes have unique needs unmet by current GPS-based offerings for both motivation and entertainment. Strava feeds their desire for competition, camaraderie, need for rigorous self-assessment and sustainable motivation, and attention to detail. From various mobile apps and numerous GPS fitness devices, athletes simply upload workout data – as in-depth as the device allows – to Strava's sport-specific site. The current offerings serve avid cyclists, who upload their GPS ride data, so they can then share, compare and compete with themselves, friends and rivals. Strava is preparing to launch into additional sports with products uniquely designed with the most avid participants in mind because Strava knows that among the elite, one size certainly does not fit all.
As avid athletes themselves, founders Michael Horvath and Mark Gainey built Strava to realize their shared vision of a trusted brand inspiring an active, healthy lifestyle and a renewed sense of adventure. Since launching in early 2010, Strava has been on a mission to motivate the global community of avid athletes and feed their addiction to sports and an active lifestyle through premium location-based services, delivering compelling on-line and mobile experiences.
"We recognized the strength of Strava's team, and the unique focus and success of its products," said Greg Gretsch, Partner at Sigma Partners. "The social fitness space is rapidly evolving and we believe Strava's precision of focus, understanding of its key audiences, and the depth of its technical solution will drive its success."
Strava provides an easy-to-use GPS-based solution for avid athletes, who now represent nearly 25% of all U.S. households. Strava uses unique segmentation technology to provide a range of comparison and competition data, enabling users to track milestones and compete with themselves and others to improve performance and enhance their enjoyment of their sport. In twelve months since launch, the company has grown more than seven-fold with no marketing to date.
To learn more about Strava or to find a list of devices and iPhone/Android apps that integrate with the solution, go to www.strava.com
Strava feeds the avid athlete. Building powerful online and mobile software, Strava lets some of the best and most enthusiastic athletes in the world share and experience social fitness -- sharing, comparing and competing with each other's precise, personal fitness data, on-line and via mobile apps. Strava's current cycling product focuses on the needs of avid athletes, including unique features for cyclists such as automatic climb identification and categorization, virtual climb competitions, and member-created on-line races. It makes cycling a social web experience.
About Sigma Partners
Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $2 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. The team is currently investing Sigma Fund 8, a $500 million fund raised in 2007. Market leading companies in which Sigma has invested include Atria, Cascade, Clarify, EqualLogic, Fortify Software, Initiate Systems, Internet Security Systems, KACE Networks, KLA-Tencor, Ocel, Verifone, Vermeer and Vignette. For more information, please visit http://www.sigmapartners.com.
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