Strava Said to Seek New Investors at $1 Billion-Plus Valuation

Strava Inc., a social network for athletes with nearly 70 million global registered users, is looking to raise equity from new investors at a valuation of more than $1 billion, according to people with knowledge of the matter.

The San Francisco-based company has hired an adviser to raise between $150 million and $400 million, said one of the people, who added that Strava is profitable. A deal that vaults the company to so-called unicorn status would roughly triple Strava’s prior valuation of $365 million, according to PitchBook.

“We are fundraising and anticipate a close in the next few months,” said ...