Venture Capital News: onXmaps Closes $20.3M Growth Equity Round
MISSOULA, MT, Provider of the onX HUNT mobile app and industry leader in mobile mapping technology for outdoor adventurers, today announced it has raised $20.3 million.
onXmaps, Inc., provider of the onX HUNT mobile app and industry leader in mobile mapping technology for outdoor adventurers, today announced it has raised $20.3 million in a funding round led by global growth equity investor Summit Partners. Additional investors include Bessemer Venture Partners, Millennium Technology Value Partners, Next Frontier Capital and Steve Burke (CEO NBCUniversal). This event marks the largest growth equity investment in a mobile and consumer-focused business in Montana's history.
"The onX team is incredibly passionate about empowering our customers' outdoor pursuits by providing the best mobile experience and most relevant data," said Eric Siegfried, CEO of onX. "This investment enables us to take our solutions and our team to the next level. Whether our customers are hunting big game, looking for the best spot to camp, fishing new water, or walking land ownership boundaries, onX has them covered - now and in the future."
The capital will be used to expand the teams at onX's Missoula and Bozeman, Montana, offices, to continue building all aspects of the company's mapping solutions, and to assemble the definitive off-pavement mapping data set.
"In many ways, the onX story represents the quintessential entrepreneurial journey. Eric founded onX to address a major gap in the outdoor recreation market and bootstrapped the business to an impressive scale," said Greg Goldfarb, Managing Director at Summit Partners and onX board member. "onX HUNT combines the power of the nearly ubiquitous global positioning receivers that are now in every smart phone with layers of mapping information to help users get the most from their time in the wild. We are excited to partner with the onX team for this next phase of growth."
For additional perspective on Summit's investment, visit: "Backing Bootstrapped Companies in the Mountain West - Our Investment in onX".
OnX was founded in 2009 with the promise of providing confidence to always 'know where you stand' at the center of its mission. This still rings true today as the company's flagship product, onX Hunt, helps hundreds of thousands of outdoorspeople successfully navigate public and private lands. Fueled by a deeply held passion for successful outdoor experiences, onX now employs nearly 70 people and plans to continue building its extraordinary team.
"A growth equity financing of this caliber, by a Montana company, is testament to onX's vision and resolve to build best-in-class products for customers," said Jason Mittelstaedt, Founding Partner at Yellowstone Growth Partners and onX Board Member. "It's been an incredible experience partnering with Eric and the team for the past 2½ years to transform the business into a world-class mobile technology company. The growth of the company, team, technology and brand is amazing. And we believe they are just getting started."
onX delivers the most relevant and rich geospatial data to any device, anywhere. The company aggregates nationwide data on property ownership, trails, permitted land use, and many other parameters. World-class GPS and mapping technologies present customized information to users, tailored to their off-pavement activities and locations. Founder and CEO Eric Siegfried initially launched onX products to hunters, a highly discerning mapping community. Since the Company's 2009 founding, onX has used hunters' backcountry experience and feedback to deliver products with ever wider appeal. Hundreds of thousands of customers trust onX to "know where they stand" and to open the off-pavement world to new, successful experiences. Whether they are finding a new hiking destination, a backcountry hunting spot, or an undiscovered fishing hole, onX helps customers create new outdoor experiences. Where the pavement ends, onX begins.
www.onXmaps.com or Instagram @onXHunt
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology investments in the U.S. Mountain West region include, Clearwater, RightNow Technology, TSheets, Nighthawk Radiology, Podium, Vivint, Progressive Finance, ProClarity, Solutionreach and Wowza Media Systems. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
About Yellowstone Growth Partners
Yellowstone Growth Partners works with innovative, big aspiration companies via board-level growth acceleration partnerships to build disruptive, high-value technology businesses. YGP leverages its transformative Growth Acceleration Program to bridge the gap between great ideas and products, to great businesses. With deep expertise across all C-level and Board roles for public and private SaaS companies, IPOs, M&A and capital sourcing, the YGP team is uniquely equipped to help transform early and mid-stage technology companies into built-to-last industry leaders. www.YellowstoneGrowthPartners.com
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