Leader in Online and Mobile Fitness Applications Poised to Expand Offering and Accelerate Growth
DENVER, CO--(Marketwire - August 31, 2010) - MapMyFITNESS, a Denver based company that empowers active lifestyles by offering comprehensive online and mobile fitness tracking applications, today announced it has raised $5.0 million in a Series A financing led by Austin Ventures, one of the nation's leading venture and growth equity firms. This investment will enable MapMyFITNESS to consolidate its leadership position in the rapidly emerging global online and mobile fitness application market, further develop its core offerings, and push its brand deeper into a wide variety of fitness categories.
"With smartphone proliferation, GPS enablement and cloud computing, tracking fitness is now at everyone's fingertips and is as easy as pressing "start" and "stop." "MapMyFITNESS saw this trend a few years ago and has built the leading brand and applications to address this opportunity across the most popular fitness verticals," said Mike Dodd, Venture Partner at Austin Ventures and MapMyFITNESS board member. "Their fitness data output is intuitive enough for anyone to understand and the social sharing of your fitness data is addictive and motivating." MapMyFITNESS' substantial user and traffic growth over the last 12 months validates that this category has mass market appeal as well as the Company's leadership position in this emerging category."
Founded in 2007, MapMyFITNESS offers a suite of websites and associated mobile applications including MapMyRUN.com, MapMyRIDE.com, MapMyWALK.com, MapMyHIKE.com, MapMyFITNESS.com, MapMyMOUNTAIN.com, and MapMyTRI.com. Fitness enthusiasts from around the world currently upload their fitness data via one of the Company's mobile apps or websites at a rate of between 30,000 to 60,000 times each day. Currently their network of sites and mobile applications have over 15 million workouts recorded by users from every continent along with associated community and user feedback. The Company's growth has been fueled by the virality among its over two million members, their related user generated content, and strategic distribution partnerships, most notable being its current on-air promotion, the Aquaphor Le Tour Challenge, with the Versus Network for the Tour de France.
"We've been working to establish MapMyFITNESS as the premier fitness tracking and social network for active individuals and also provide those individuals with pioneering online and mobile fitness applications that can help them achieve their health and fitness goals," said Robin J. Thurston, MapMyFITNESS's CEO. "Our relationship with Austin Ventures and their relationships in these markets is great validation of our growth and success to date and the reception so many of our users have towards our company and its offerings." "This funding gives us the opportunity to further drive the company forward down exciting and productive avenues in both the online and mobile fitness spaces."
The Company's web properties and services accept fitness data from many of the leading fitness device manufacturers. This ability to be device agnostic has led to the development of a meaningful ecosystem around MapMyFITNESS's services and has generated outsized growth. MapMyFITNESS has monetized this growth through an online advertising business model where they have worked with hundreds of endemic and non-endemic advertisers. Following this financing, the Company intends to move its corporate headquarters to Austin, TX, while at the same time continuing its strong presence in Denver, CO. Additionally, the Company aims to aggressively expand and further build out its web and mobile development teams in both locations in the coming months.
Currently headquartered in Denver, CO, MapMyFITNESS, Inc. was founded in 2007 and operates a suite of websites and associated mobile applications including MapMyRUN.com, MapMyRIDE.com, MapMyWALK.com, MapMyHIKE.com, MapMyFITNESS.com, MapMyMOUNTAIN.com and MapMyTRI.com. The MapMyFITNESS network of sites and mobile applications offer fitness enthusiasts the ability to record and store their daily training routes in an online database or plot out tomorrow's path. Users get access to a searchable database of routes across the globe, essential community-based fitness content, unique online training tools and fitness calculators, and comprehensive global event listings, along with the ability to easily share their activity with their social graph and related groups of enthusiasts. The Company's mobile apps use the built-in GPS technology of the iPhone, BlackBerry, and Android to enable a user to record and chart their daily fitness activities and routes. For more information about MapMyFITNESS and its offerings, visit www.MapMyFITNESS.com/about_us.
About Austin Ventures:
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on media and information services, software and Internet, business services and supply chain, financial services, and Texas special situations, AV invests at all stages of company development, from $100,000 in "planned experiments" in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV's strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs. Visit www.austinventures.com for more information.