Fitness-tracker firm Strava intends to list in the US as it cashes in on a running boom.
The San Francisco-based company, which allows users to record their runs and share updates with friends on its app, wants to make its New York debut to raise money for more acquisitions.
Through GPS tracking, the app maps runs and can be operated with wearable technology such as fitness watches. It charges for a premium version, which costs £8.99 a month or £54.99 a year.
Chief executive Michael Martin said the company has an ‘intention to go public at some point’ after receiving a valuation of £11.7billion in May. ‘This would provide ‘easy access to capital’ for ‘more and bigger acquisitions’, he told the Financial Times.
Strava bought Runna, a London start-up which offers personalised running plans, in April for an undisclosed amount. Launched in 2009, Strava has cashed in on the growing popularity of running sparked by the pandemic and health-conscious youngsters.
There was a 105 per cent increase in entries from runners in their 20s for this year’s London Marathon as Gen Z swap pub trips for healthier activities.
Downloads of Strava surged 80 per cent in the year to September, giving the app an average of 50m monthly users. Martin did not provide a timeframe for a listing, but last month it was reported that Strava invited banks, including Goldman Sachs and JP Morgan, to pitch for involvement in an IPO.
Investors include LinkedIn and Airbnb-backer Sequoia Capital and venture capital firm Jackson Square Ventures.
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