The CEO of Strava confirms its IPO

Beyond the controversy with Garmin in which the popular sports social network has been involved, Strava continues its evolution as a company. To ensure this growth and attract more capital, it has just announced its upcoming IPO with the aim of surpassing its rivals, including the all-powerful Garmin.

Strava seeks to consolidate its unstoppable growth with its IPO

Michael Martin, CEO of Strava, hinted that the brand's IPO could be very close, with the goal of attracting new investments that will allow them to surpass the position of some of their rivals like Garmin, with whom they have had a bitter controversy with threats included to cut the connection between the applications of both companies in recent weeks.

The IPO "offers easy access to capital in case we want to make larger acquisitions" explained Martin, who has already contacted major investors such as Goldman Sachs and JPMorgan to inform them of their intentions and invite them to invest in Strava.

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Strava has an average of 50 million active users, almost double the number of Garmin's platform, and currently relies on investments from funds like Sequoia Capital and Jackson Square Ventures, being valued at around $2.2 billion, a spectacular growth since its foundation in 2009 mainly driven by the global running boom.

Since Michael Martin took over the company, after leaving his responsibilities in Nike's connected applications, another rival of Strava, the company has boosted its growth through new tools to solidify subscription payments and other revenue streams from sponsors. It has also made investments such as acquiring the training apps Runna and The Breakaway.