Freshfields guides deal-hungry Strava on Runna acquisition

Freshfields has advised fitness tech giant Strava on its acquisition of UK-founded running app Runna, the latest in a string of moves by the company as it doubles down on digital fitness.

The deal, which reportedly completed on Thursday (22 May), brings together Strava’s 120 million-strong user base with one of the fastest-growing names in personalised run coaching.

Runna was founded just four years ago by ex-McKinsey consultant Dom Maskell and personal trainer Ben Parker, and has quickly built a loyal following among amateur runners thanks to its sleek UX and smart training plans.

While terms of the deal weren't disclosed, early investors appear to have cashed in. According to fintech commentator Seb Johnson, crowdfund backers secured a 30x return, implying a valuation of around £150 million.

The Runna buy is part of a broader growth spurt at Strava. This week, the company also snapped up cycling-focused training app The Breakaway, announced a fresh cash injection from long-time investor Sequoia Capital, and confirmed its valuation had surged to $2.2 billion. Strava says its annual recurring revenue hit $500 million last year.

The valuation and new fundraise were first reported by The Times.

Advising

Freshfields fielded a cross-practice team on the deal, led by London M&A partner Ziyad Nassif, alongside associates Robert Foley and Adam Weston. Partners Alastair Mordaunt and Rikki Haria advised on regulatory matters. The firm also brought in specialists across data protection, employment, tax and finance.

Silicon Valley-based partners Vinita Kailasanath, Heather Brookfield and Calise Cheng were also part of the deal team.