MapMyFITNESS, the health and fitness technology company ‘powering the Internet’s largest and fastest growing community of fitness enthusiasts’, has announced an injection of US$9 million in Series B funding led by Austin Ventures and Milestone Venture Partners.
Strategic business partners Competitor Group Inc (CGI) and The Running Specialty Group LLC also announced their participation in the funding as part of larger business partnerships.
MapMyFITNESS is an online and mobile platform that helps over 9 million active users plan workout activities, measure their fitness and track their progress both in real-time and over time. The company leverages a fast-growing business model that has doubled revenue each of the past four years and is projected to nearly triple in 2012. This latest US$9 million investment (US$1 for each of its users!) will ‘help MapMyFITNESS continue to advance its leadership position in the global online and mobile fitness application markets and further develop its offerings.’
“Austin Ventures’ continuing enthusiasm is a great validation of our success to date,” said Richard Jalichandra, Chief Executive Officer of MapMyFITNESS. “We’re also thrilled to leverage Milestone Venture Partners’ unique expertise on healthcare technology services, and to deepen our business partnerships with Competitor Group and run.com, the e-commerce platform for The Running Specialty Group.”
Jalichandra added, “This Series B funding allows us to continue innovating and improving our tools for people of all levels to improve their fitness, nutrition and overall health.”
“MapMyFITNESS has built the leading fitness activity tracking technology platform for consumers and enterprise alike,” said Mike Dodd, partner at Austin Ventures and a MapMyFITNESS board member. “The company has also proven its ability to build the business, with growth in audience and revenue far exceeding expectations.”
“The connected health space is rapidly expanding, and the MapMyFITNESS team has established a solid early leadership position,” added Todd Pietri, partner at Milestone Venture Partners.
“The MapMyFITNESS team has created one of the most engaging utilities for fitness enthusiasts, one that complements what we’re trying to do with our new website, run.com,” noted Ken Gart, President of The Running Specialty Group.
CGI maps out a path to further growth
The funding involvement from Competitor Group is of particular interest. It comes hot on the heels of CGI’s acquisition of Women’s Running magazine, the Lady Speed Stick Women’s Half Marathon Series and WomensRunning.com. CGI is clearly putting itself firmly on the endurance sport map and is strengthening its claim to be ‘the leading active lifestyle sports media and event entertainment company.’
“MapMyFITNESS’ amazing growth of one of the largest audiences of runners, walkers, cyclists and active people has tremendous synergy with what we’re doing at Competitor with events like the Rock ‘n’ Roll race series,” said Scott Dickey, President and Chief Executive Officer at Competitor Group.
CGI is a portfolio company of the investment firm Falconhead Capital. The aggregate CGI customer base reportedly now exceeds 7 million endurance enthusiasts and athletes. CGI’s portfolio of media assets dominate the expanding endurance sport industry and include a robust digital community online at Competitor.com.
With the strategic addition of Raceit.com, a leading digital registration platform, in 2011 CGI added a race services capability to meet the needs of not only the company’s owned and operated events, but also endurance events of all sizes on behalf of the wider industry.
With a leading market share of endurance enthusiasts, CGI owns and operates more than 58 events around the world, including the flagship Rock ‘n’ Roll Marathon Series in 27 markets, the Land Rover TriRock Triathlon Series in 7 markets and the Columbia Muddy Buddy Series in 8 markets, collectively delivering more than 600,000 professional and amateur participants in 2012.
Anchoring the company with rich content and marketing leverage are CGI’s four publishing properties dedicated to running, cycling, triathlon and the world of multisport including Velo, Inside Triathlon, Triathlete and Competitor with a combined monthly circulation of over 600,000.
Fitness app innovation
MapMyFITNESS recently announced a completely rebuilt platform with several new features including an innovative capability called Courses, which allows users to ‘check-in’ during workouts, and an advanced integration of Google Maps API for Business, which provides route details such as traffic patterns and temperature in real-time on iPhone, BlackBerry, Android, Windows Mobile or iPad devices.
MapMyFITNESS has been recognized by some of the world’s most credible authorities as the premier fitness application, including TIME’s ‘50 Best Apps list in 2012’ (the only fitness app named this year), Runner’s World UK’s ‘Best Running App of 2012’, About.com Reader’s Choice ‘Best Running App’ in 2012 and a consistent top five ranking in iTunes’ Health and Fitness category.
More than 200,000 health and fitness activities are logged each day by MapMyFITNESS users across 40 different sports – going well beyond the core areas of running and cycling.