Strava CEO Mark Gainey says that they will use investment to grow the business outside the USA
Online ride logging and comparison service Strava is set for significant global ‘growth expansion’ after raising over £11.5million ($18.5million) of funding from venture capitalists.
Strava CEO Mark Gainey told the re/code website that they will use the money to grow the business further as it spreads out from its US heartland and increases in popularity across the globe – including Britain.
“We’re now approaching the point where 75 percent of our users exist outside of the US,” Gainey said.
“We’re also seeing that people are using Strava across multiple sports, so we’re exploring how to build out the service in an authentic way in all areas of sports.”
Gainey would not say how many users Strava currently has, or what ratio of users sign up to its paid-for premium membership. Although predominately used by cyclists, Strava is also used to log activities from other sports including running, hiking, skiing and even swimming and yoga.
Strava was created in 2009 and allows users to upload their ride data either via a compatible GPS-enabled cycle computer or directly from Strava’s free app for iOS and Android devices. As well as providing a host of ride statistics, such as average speed, ride time and power output, cyclists can pit themselves in virtual races against each other to see who can go quickest on set segments to claim a coveted KOM or QOM title.
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