Strava Filed Confidentially for IPO, Hired Goldman Sachs
Strava, a fitness app popular with runners and cyclists, filed confidentially in recent weeks for an initial public offering and hired Goldman Sachs to run the listing, according to people with direct knowledge of the matter.
The San Francisco–based firm, founded in 2009, has recently been meeting with prospective investors ahead of the offering, which could come as soon as this spring. The company grew revenue at a fast pace last year—more than 50% from the previous year—and was profitable, one of the people said. But it’s small compared to other publicly traded consumer internet firms, with less than $500 million in revenue last year.
Strava didn’t respond to requests for comments. Goldman Sachs declined to comment.
The IPO would provide a potential exit for some of the company’s longtime backers, including prominent firms Sequoia Capital and TCV. Strava was valued last spring at $2.2 billion, including debt, The Wall Street Journal reported. It couldn’t be learned how much Strava plans to raise or what valuation it will seek for the IPO.
Strava is one of several venture-backed internet companies that have taken more than a decade to get to the public markets recently. It will need new investors who believe its stock can trade more like that of fellow internet veteran Reddit, whose stock is up more than seven times since its 2024 IPO, than like those of Klarna or StubHub, which are both trading well below their listing prices from last year.
Discord, another internet firm with a decadelong history, also plans to go public in the coming months, a person familiar with the matter said.
Part of Strava’s growth story is that its app surged in popularity during the pandemic by combining fitness activities with social networking, allowing users to log and share their workouts and give kudos to friends. It also benefited from a boom in running among Gen Z consumers. (The Information profiled the company in 2024.)
Strava has acquired rivals to add features to its app, buying Runna, a U.K.-based running coach app, and cycling training platform The Breakaway last year.
The company’s app has more than 150 million active users across 185 countries, according to its website. The basic version is free; paid subscriptions offer additional features.