AllTrails, the California based outdoor startup which is famous among the hikers and trekkers has just bagged a huge round of fresh investment as it plans to cover more trails around the world.
The company has secured a fresh $75 million investment which was led by Spectrum Equity, a Boston based private equity firm which now owns the majority of the stake in the firm. Earlier it had raised small investments from 2020 Ventures, 500 startups and as part of a class of AngelPad’s inaugural accelerator. Spectrum's Ben Spero and Matt Neidlinger will be joining AllTrails' board of directors as part of the deal. The company plans to use the latest investment for hiring and growing the business overseas.
Started in 2010, the company offers their services in more than 100 countries where its community has grown to be a group of more than 9 million avid hikers, mountain bikers and trail runners. The firm claims that their mobile app has more than 12 million downloads on both, App Store and Play store platform.
Russell Cook had started the company in 2010. However, Cook has stepped aside as he is working on his fitness venture FitOn. Jade Van Doren is leading the company as a CEO since 2015. The company offers subscription-based service where once subscribed, the users get details like overlays of upcoming weather and ways to share a route with friends.
Spero, the Managing director of the company commenting on the investment said, “We are thrilled to partner with Jade, Ron, and the entire AllTrails team to support the company in its next phase of growth. The company is helping millions of people discover great outdoor activities and lead healthier active lifestyles.”
Doren, the CEO of the firm said that they were thrilled to have partnered with Spectrum. “We’re thrilled to have Spectrum as our new partner as we continue to innovate on our products, expand our trail coverage around the world and support our passionate community of users," said Doren.
Image Courtesy : alltrails