By Echo Wang and Milana Vinn
-Strava, the favored health monitoring platform, is seeking to rent funding banks for its U.S. preliminary public providing, folks accustomed to the matter mentioned.
The San Francisco-based firm, valued at $2.2 billion in a funding spherical accomplished in Might, has invited banks together with Goldman Sachs, JPMorgan and Morgan Stanley to pitch for roles on the IPO, the folks mentioned, asking to not be recognized as a result of the matter is confidential.
That financing spherical was led by Sequoia Capital, Sq. Ventures, TCV and Go4it Capital Companions, in response to PitchBook.
Strava didn’t instantly reply to a request for remark. Goldman Sachs, JP Morgan, and Morgan Stanley declined to remark.
Based in 2009, Strava operates a cell software with greater than 150 million energetic customers it calls athletes throughout 185 international locations, in response to its web site. By combining social networking with health, it rose to recognition throughout the pandemic, permitting customers to measure and share their exercises, give “kudos” to pals and see how they stack up towards elite athletes.
The itemizing might occur as quickly as early 2026, relying on market circumstances, the sources mentioned. Strava has but to finalize how a lot it plans to boost and the valuation it can search for the IPO, the sources added.
The corporate, whose founders Michael Horvath and Mark Gainey met as members of Harvard College’s crew group, employed a chief monetary officer final month, a transfer usually seen as a step towards an IPO.
U.S. IPO market exercise elevated final week, with six offers elevating greater than $4 billion within the busiest interval since 2021.
(Reporting by Echo Wang in Palo Alto, California, Milana Vinn in New York; Enhancing by Daybreak Kopecki and Richard Chang)