Fitness tracking app Strava looks to hire banks for IPO

(This Sept. 17 story has been refiled to add dropped words in paragraph 3)

By Echo Wang and Milana Vinn

(Reuters) - Strava, the popular fitness tracking platform, is looking to hire investment banks for its U.S. initial public offering, people familiar with the matter said.

The San Francisco-based company, valued at $2.2 billion in a funding round completed in May, has invited banks including Goldman Sachs, JPMorgan and Morgan Stanley to pitch for roles on the IPO, the people said, asking not to be identified because the matter is confidential.

That financing round was led by Sequoia Capital, along with existing investors including Jackson Square Ventures, TCV and Go4it Capital Partners, according to PitchBook.

Strava did not immediately respond to a request for comment. Goldman Sachs, JP Morgan, and Morgan Stanley declined to comment.

Founded in 2009, Strava operates a mobile application with more than 150 million active users it calls athletes across 185 countries, according to its website. By combining social networking with fitness, it rose to popularity during the pandemic, allowing users to measure and share their workouts, give "kudos" to friends and see how they stack up against elite athletes.

The listing could happen as soon as early 2026, depending on market conditions, the sources said. Strava has yet to finalize how much it plans to raise and the valuation it will seek for the IPO, the sources added.

The company, whose founders Michael Horvath and Mark Gainey met as members of Harvard University's crew team, hired a chief financial officer last month, a move often seen as a step toward an IPO.

U.S. IPO market activity increased last week, with six deals raising more than $4 billion in the busiest period since 2021.

(Reporting by Echo Wang in Palo Alto, California, Milana Vinn in New York; Editing by Dawn Kopecki and Richard Chang)

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