The trekking enthusiast app has just got a great round of capital that will help you chart more trails around the world.
AllTrails has raised $ 75 million, led by Spectrum Equity, which has acquired a majority stake in the company in the process. . Founded in 2010, AllTrails obtained a small amount of capital years ago from investors, including 2020 Ventures and 500 Startups. He was also part of AngelPad's inaugural accelerator class. This is your first important round of capital financing.
AllTrails provides what it calls an "outdoor platform" that includes community trail reviews of 9 million avid hikers, mountain bikers and trail runners in more than 100 countries. It also provides detailed maps of trails and other custom-made content for people who live outdoors. The company says its application has been downloaded more than 12 million times.
AllTrails was founded by Russell Cook, who has since gone on to launch another fitness technology company called FitOn. The company is now led by Jade Van Doren, who joined as executive director in September 2015.
"I grew up camping in the Sierras with my grandfather and my backpack," Cook told TechCrunch. "I looked around the space and felt there was a lot of room to build something meaningful that would help people find places to go outdoors and feel safe once they were there."
I was very excited to do that and we have advanced a lot towards those goals. "I like to get up in the morning and know what we are building is to help people live more lifestyles healthy and active. "
Cook said the business has a positive cash flow and was not looking for a venture capital injection when Spectrum approached It says its experience in the consumer sector (the firm also has investments in Ancestry, WeddingWire and several more) will be a great added value for AllTrails.
In addition to expanding abroad, the company will use the capital to contract aggressively.
As part of the agreement, Ben Spero and Spectrum's Matt Neidlinger will join the board of directors of AllTrails.
