AUSTIN, TX, Health and fitness technology company is arranging $3 million in financing from Square 1 Bank.
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MapMyFITNESS, a health and fitness technology company powering the Internet's largest and fastest growing community of fitness enthusiasts, is excited to announce its community has surpassed 10 million registered members and is arranging $3 million in financing from Square 1 Bank. This news comes as MapMyFITNESS' second annual Le Tour Challenge begins in conjunction with the Tour de France.
The Le Tour Challenge gives cyclists around the world the opportunity to compete against other athletes during the 2012 Tour de France and allows users to choose the distance and ride that suits them with the chance to win over $55,000 in prizes, including a trip to Paris. More information on the Challenge can be found at www.mapmyride.com/tdf/.
"The 2011 Le Tour Challenge was such a success that we knew we had to bring it back for 2012," said Richard Jalichandra, chief executive officer of MapMyFITNESS. "Participants can follow the most exciting cycling event in the world and challenge themselves, with the chance to win more than $55,000 in prizes."
The proposed Square 1 Bank financing, coupled with the $9 million Series B funding from Austin Ventures, Milestone Ventures, Competitor Group, Inc. and The Running Specialty Group, LLC announced earlier in the year, will help MapMyFITNESS continue to advance its leadership position in the global online and mobile fitness application markets and further develop its offerings. The company's fast-growing business model has doubled revenue each of the past four years and is projected to nearly triple in 2012.
"We're thrilled to partner with Square 1 Bank to help continue our growth and expansion," said Jalichandra. "After surpassing the 10 million registered user mark - including 4 million in only the past six months - our goal is to keep innovating ways for our members to keep improving their fitness, nutrition and overall health."
Earlier this year MapMyFITNESS 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 like 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 - not just running and cycling.
About MapMyFITNESS Headquartered in Austin, Texas, MapMyFITNESS is a health and fitness technology company that powers the internet's largest social network of fitness enthusiasts and provides a comprehensive suite of enterprise health solutions. The MapMyFITNESS network of websites and mobile applications -- MapMyRUN, MapMyRIDE, MapMyWALK, MapMyHIKE, MapMyFITNESS, MapMyTRI, MapMyMOUNTAIN and MapMyDOGWALK - offer more than 9 million fitness enthusiasts the ability to record and store their daily running, cycling, walking or hiking routes in an online database or map out tomorrow's path. Users get access to a searchable database of over 45 million global routes, online training tools, fitness calculators, nutrition tracking, comprehensive event listings, and the ability to easily share their activity with friends. The company's mobile smartphone apps use built-in GPS technology to enable users to record and chart their daily fitness activities and routes. For more information, please visit mapmyfitnessinc.com.
About Square 1 Bank Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients, offering tailored products and solutions for the particular needs of entrepreneurs. From the latest in convenient, technology-based banking to the banker you'll know as a partner, Square 1 believes that a banking relationship should be anticipatory, responsive and active. Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.