O’Melveny Represents Strava in Funding RoundOctober 29, 2014 FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
SAN FRANCISCO--October 29, 2014 --O’Melveny & Myers LLP represented Strava, the online network connecting the global community of athletes, in a US$18.5 million funding round. Sequoia Capital led the round, which included Sigma West and MA drone Capital Partners. O’Melveny partner David Makarechian and associate Stuart Schussel served as counsel to Strava in the financing.
O’Melveny & Myers LLP
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The following press release was issued by Strava:
Strava Raises $18.5 Million to Strengthen Leadership in Digital Sports
Partners with Sequoia in Growth Financing
SAN FRANCISCO, Oct. 29, 2014 /PRNewswire/ -- Strava, the online network connecting the global community of athletes, has partnered with Sequoia and secured $18.5 million in financing. Existing investors Sigma West and Madrone Capital Partners also participated in the round. This funding will allow Strava to fuel the expansion of its service around the world and strengthen its leadership in digital sports.
"Strava is building tomorrow's sporting network in the manner that Facebook and LinkedIn have developed today's social and professional networks. Even for the hapless and occasional athletes at Sequoia, Strava has become the essential and amusing way to post and compare our woeful performances and share them with friends and family," said Michael Moritz, Chairman of Sequoia Capital.
Used by professional and amateur athletes alike, Strava expanded its business in 2014 to connect athletes in 11 languages across 23 different sports. Hundreds of millions of activities have been shared on Strava from all seven continents, allowing for new data-driven services like Strava Metro. Today, approximately three million activities are tracked and shared by the Strava community each week.
"Since day one we have focused on building a network that serves to motivate and entertain the world's athletes," said Mark Gainey, co-founder and CEO at Strava. "With Sequoia joining our team, we are better positioned to execute our mission and strengthen Strava's leadership in digital sports."
Strava is the online network that connects the global community of athletes. Founded in 2009, millions of athletes have joined Strava for the competition and camaraderie found in tracking and sharing their fitness activities. The company's free mobile apps and website help members discover and plan workouts, record and share activities, and analyze and compare performance. Strava's ability to connect athletes around the world makes fitness a more social experience, providing extra motivation even when training alone. www.strava.com
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