How Strava made a strong recovery and is now aiming for a public offering

Strava’s Journey: From Humble Beginnings to IPO Ambitions

As January hits its stride, more people than ever are contemplating getting active. But simply thinking about working out isn’t enough—it’s the consistent effort, whether that’s jogging, cycling, or doing daily exercises, that truly matters. Justin Shields, who started the Venice Run Club in Los Angeles during the pandemic, understands this well. His club’s weekly summer runs have grown from a handful of participants to over 500, once even reaching 1,000 runners. Shields credits Strava, the popular fitness tracking and social app, as a major force in keeping runners engaged and motivated.

“Watching everyday people achieve their goals is far more motivating than seeing elite athletes break records,” Shields explained to Fortune. “It’s inspiring to see someone balancing a full-time job and family still make time to run. That’s what people connect with. Strava brings that community together.”

The Evolution of Strava

Strava’s path has been anything but straightforward. Established in 2009 by Michael Horvath and Mark Gainey, the app first gained traction among cyclists. Over the years, it has weathered privacy controversies, legal challenges, and periods of slow growth—obstacles that often spell the end for tech companies. Yet, nearly 17 years after its inception, Strava has confidentially filed for an IPO, according to The Information. This move has been anticipated for some time, especially with the recent addition of Barry McCarthy—who previously helped take Netflix and Spotify public—to Strava’s board. While Strava hasn’t officially commented on its IPO plans, CEO Mike Martin discussed the company’s readiness for the public markets in a recent conversation.

Martin shared, “The market seems prepared. High-quality companies are thriving, and Strava not only meets but surpasses expectations in every area.”

Strava’s Growth and Competitive Edge

With over 180 million users worldwide and one in four people in the UK on the platform, Strava’s reach is impressive. A decade after Sequoia Capital first valued the company at $200 million, the firm led another funding round in May 2025, this time valuing Strava at $2.2 billion. According to Andrew Reed, a partner at Sequoia and Strava board member, the company’s resurgence is due to several factors: a global surge in running, the acquisition of personalized training app Runna in April 2025, and a competitive advantage that has only grown stronger with time.

“Strava is one of the last independent consumer platforms with true network effects,” Reed noted. “Its strong community kept it relevant and allowed it to maintain a compelling market position for years.”

Leadership and a New Generation

Reed also highlighted the impact of Mike Martin becoming CEO in January 2024. Martin, a lifelong athlete with executive experience at YouTube and Nike China, has shifted Strava’s focus to appeal across generations. While the platform originally attracted mostly Boomers and Gen X, today, over 70% of its users are millennials and Gen Z. Martin likens Strava’s broad appeal to that of Disney—a platform for everyone, not just a single age group.

Martin observes that Gen Z users, in particular, are more likely to participate in multiple sports compared to previous generations. This trend has encouraged Strava to expand beyond its cycling and running roots.

“Gen Z and millennials—especially Gen Z—are naturally multi-sport,” Martin explained. “Now, about a third of all activities logged on Strava are walks, hikes, or strength training, not just cycling or running.”

Looking Ahead: Strava’s Place in the Market

As Strava prepares for a potential IPO, Martin’s vision is for the company to be recognized as a top-tier public business. But what exactly is Strava’s competition? It doesn’t fit neatly into the categories of social media or wearable tech, though it overlaps with both.

We’ll learn more about Strava’s financials once its S-1 filing is made public. Martin told The Wall Street Journal in May that Strava is on track to reach $500 million in annual recurring revenue soon.

“To me, Strava represents what we once hoped the Internet would become—deep, meaningful communities built around shared passions,” said Reed. “Today, most online spaces are dominated by massive platforms, but there are few independent communities that truly matter. Strava is one of them, alongside perhaps Reddit. It’s a unique space, and that’s what the Internet should be.”

Until next time,

Allie Garfinkle

Joey Abrams contributed to today’s newsletter.

This article was first published on Fortune.com