Strava, the fitness app popular among runners and cyclists, has reached a $2.2 billion valuation after raising fresh capital in a round led by Sequoia Capital, according to The Wall Street Journal. While the exact funding amount wasn’t disclosed, the deal marks a significant step up from Strava’s previous $1.5 billion valuation in 2020.
Alongside Sequoia, returning backers TCV, Jackson Square Ventures, and Go4it Capital also joined the round. The funding mix reportedly includes both equity and debt.
Strava Strengthens Its Position With Acquisitions and Revenue Growth
The new funding comes with strategic moves: Strava has quietly acquired two fitness apps in recent months. The latest is The Breakaway, a California-based cycling training app that had previously raised $2.9 million. Before that, Strava scooped up London-based Runna, an app focused on running training programs.
Both deals were undisclosed in value, but they hint at Strava’s intention to expand deeper into coaching and personalized training tools—especially in niche areas like cycling and marathon prep.
Strava CEO Mike Martin told the Journal that the company has been growing steadily and is on track to hit $500 million in annual recurring revenue (ARR). In 2024 alone, the app saw more than 50% user growth, pushing its total registered user base past 150 million globally.
Defying a Downtrend in Fitness Startup Funding
Strava’s momentum stands out at a time when fitness tech funding has cooled significantly. In 2024, fitness startups raised just $1.26 billion, down sharply from $6.27 billion in 2021, according to Crunchbase.
Strava, however, has maintained strong engagement thanks to its combination of social features, activity tracking, and, more recently, AI-powered fitness insights. Users log workouts across activities like running, cycling, swimming, hiking, and more—all within a platform that functions like a social network for athletes.
As competitors scale back or pivot, Strava is leaning in—using acquisitions and data-driven product development to stay ahead of the pack. With new capital, two new brands under its belt, and a large, active user base, Strava appears set on becoming the go-to fitness platform for serious and casual athletes alike.
