Strava CEO says the $2 billion unicorn plans to go public ‘at some point’ as marathon-obsessed Gen Z swaps dating apps for run clubs

Michael Martin, who takes over as CEO in 2024 from Strava co-founder Michael Horvath, told… Financial Times The company has “the intention of going public at some point,” and noted that a public listing “provides easy access to capital in case we want to make larger and larger acquisitions.”

Martin declined to provide further details foot When will the company go public? A Strava spokesperson did not immediately respond to a request for comment.

The company already acquired UK-based training app Runna and cycling training app The Breakaway for undisclosed sums earlier this year. These personalized training offerings — when combined with the app’s social features that allow users to track their friends’ workouts and give digital “praise” — are likely to increase Strava’s following among tech-obsessed young people.

Strava has also benefited from Gen Z’s move toward healthier lifestyles since the pandemic which may explain Starbucks’ foray into protein drinks and the slow death of rowdy nightclubs.

Running in particular has become a recent Gen Z craze, and many see the activity as a way to connect with others while also staying fit. While young people are said to be feeling overwhelmed by dating apps, Strava General in Sports: Trend Report Last year announced a 59% increase in running club participation globally in 2024.

Among the 5,000 Strava users and non-users surveyed, 1 in 5 Gen Z respondents went on a date with someone they met through a running club and were four times more likely to want to meet people while exercising than at a bar.

But running isn’t just for socializing. The New York City Marathon also attracted a record 200,000 lottery applicants last March for its race next month, up 22% from last year.

Strava user data estimates show how much the company has benefited from the recent cardio craze. The company claims to have more than 150 million users, up from more than 120 million in 2023. Downloads of its apps from January to September were also up 80% compared to last year, according to Sensor Tower.

While it’s unclear when Strava might go public, banks like Goldman Sachs and JPMorgan have already invited it to participate in a potential IPO, Reuters reported last month.

Horvath raised the possibility of an IPO before he steps down as company leader in 2023. He claimed that whoever replaces him as CEO will need a different skill set to navigate the company’s “next chapter.”

When going public, Horvath also said in 2022: “It is a means to an end and it is something we will consider in due course.”