The 4th Quarter: Latest In Sports Tech This Week, April 25th, 2025

Why Strava Acquiring Runna is Huge, Dave Checkett’s New $1.2B Sports-Tech Fund, New Job Board

Sid Balaga & Suraj Peramanu

Apr 25, 2025

Before we dive in, check out some of our previous work you might’ve missed:

Our 1-hour podcast: “How Chess.com Became a $1B+ Company” w/ Founder & CEO Erik Allebest
Last Week’s Breakdown of Poolhouse - a next-gen entertainment venue reimagining pool through immersive, gamified play

Back to our regularly scheduled programming…

Strava Acquires Runna: Why Run Clubs Are The Next Big Consumer Play

“If it ain’t on Strava, it didn’t happen.”

This mantra, echoed by Gen Z runners, perfectly encapsulates just how uniquely this generation views exercise - they have to nonchalantly brag to their friends that they endured a tough workout. If it wasn’t posted online, it was as good as slumping on the couch.

More importantly, this shows how strong of a grip Strava has on the running community.

Effectively the “ledger of record for every physical activity”, Strava has cemented itself as the #1 fitness-oriented social platform, enabling users to track & share their physical activities across 30+ different sport types. The company is on an absolute tear:

150M+ users worldwide in over 185 countries
1B+ runs recorded on the app in 2024 alone
12B+ “kudos” given across the platform

After achieving unicorn status from a $110M Series F round in 2020, Strava is now eyeing an IPO in the near future.

So, what’s the logical next step before going public?

A Strategic Acquisition.

Last week, Strava announced its acquisition of Runna, a UK-based fitness app that provides tailored training plans and coaching for runners. While some may see this as a half-baked dip into the coaching space, we think this is a savvy acquisition that positions Strava as an all-in-one platform for the sport that’s heating up: running.

The Running Renaissance

Running has seen an explosive surge, fueled by a broader health-conscious movement – and it’s Gen Z leading the charge:

Running participation jumped 39% in 2024 – a clear shift from “the millennial drift away from timed runs”
Run clubs and group fitness activities boomed in 2024, seeing a 59% increase YoY
Registrations in half-marathons and marathons are up 28% & 14% over the last 5 years
- Notably, Gen Z women made up 20% of marathon runners in 2024

What’s even more telling is why running is making a comeback: for young people, it’s become their social outlet.

According to Strava’s 2024 Year in Sports Report:

1-in-5 Gen-Zers went on a date with someone they met through exercise – 4x more likely to meet people working out than at a bar.
66% of Gen Z users said they made new friends through fitness groups

While running is already the most-logged sport on the platform, Strava’s users are predominantly experienced runners: the PR chasers and seasoned marathoners.

What’s Missing?

The Rookie Runner: Beginners training for their first 5K, the casual improving their running form, or the person who just wants to get off the couch.

That’s where Runna comes in. An AI/ML-powered consumer app that provides personalized coaching for runners of all walks.

As of January 2025, it is the highest rated running coaching app on the app stores, achieving a 4.9 / 5.0 average with 50K+ reviews. The company has scaled rapidly, boasting millions of active users and a team of 130+ across 3 offices worldwide.

Runna remediates two of Strava’s main weaknesses: coaching & an on-ramp for casual runners.

The Full-Stack Running Platform = IPO?

Here’s why we like the acquisition:

A Healthy Social-Fitness Platform: Currently, much of user funnel drop-off is attributed to Gen Z runners feeling afraid of posting what they think are unimpressive stats compared to their peers.
1. Tackling Posting Anxiety: By integrating a personalized coaching platform, Strava can incentivize Gen Z runners to track goal progression and feel more comfortable in their running journey - giving runners a reason to post with purpose, not just superficial details about route, pace, and distance.
Product Synergies: There are a few key product synergies that we foresee.
1. Better Data → Better AI Coaches: Strava, already the #1 performance data tracker, can now feed richer data into Runna’s coaching model, offering more nuanced analytics around users’ training progress.
2. Virtual Run Clubs: Imagine virtual run clubs with built-in coaching, where friends (or even strangers) hold each other accountable towards the same fitness goal.
3. Personalized Run Quests: Create cohort-specific leaderboards / challenges, making competition more accessible for casual runners who don’t want to always compare themselves with the best.
Diversified Revenue Streams: While Strava already offers a $80 / year premium version focused on experienced athletes - Runna’s $120 / year app opens the door to a broader audience.
1. Perfect Symbiosis: In addition to Strava’s features such as goal setting, route planning, and advanced performance metrics, Runna’s scalable coaching for casual runners will deepen engagement, increase margins, improve retention, and heighten LTV for a much wider user base.

Final Thoughts

It’s clear that this M&A play was a win for Strava. As the company inches towards an IPO, gobbling up a fast-growing, competitive company like Runna will ensure this market remains a winner-take-all. Paired with Strava’s social media-esque UX, the AI-powered running coach will become the perfect monetization machine.

In our opinion, the next smart move for Strava would be targeting the 22% of Gen-Zers who now see run clubs as the new dating apps…

Sports-Tech Market Activity: Investors & Deals

New Funds

Dave Checketts and the Cynosure Group, a Salt Lake City, UT-based private investment fund, announce the formation of Cynosure | Checketts Sports Capital, a strategic joint venture with plans to raise over $1.2B for sports and media investments (Apr. 21st)
- Led by Dave Checketts, former president of the Utah Jazz and New York Knicks, and CEO of Madison Square Garden
- Initial targets include European soccer clubs, women’s sports leagues, and potential MLB expansion opportunities in Utah [PRNewswire]

Blue Ocean Games, a Toronto-based VC firm focused on early-stage indie game development, raised $30M for its inaugural fund (Apr. 22nd)
- Focusing on concept-stage investments using a novel SAIL (Structured Agreement for Indie Launch) instrument, offering up to $300K per team while allowing developers to retain IP ownership
- Backed exclusively by Krafton, publisher of PUBG, with founder Damian Lee, former head of investments at Krafton, leading the initiative [VentureBeat]

Accelerators

Magic Venture Challenge, an Orlando Magic-led accelerator in partnership with LEAD Venture Corporation, selects five startups for its inaugural cohort (Apr. 18th)
- EDGE Sound Research: immersive audio infrastructure
- Proto: holographic communication platform
- Somnee: clinical-grade sleep wearable
- TOGETHXR: women's sports media and commerce
- VisioLab: AI-powered self-checkout for foodservice [SBJ]

Venture Capital

Sesh, a personalized fan engagement platform for music artists, raises $7M in Seed funding (Apr. 22nd)
- Enables artists to directly connect with fans through interactive experiences, exclusive content, and live events
- Investment was led by Miura Global, with participation from angel investors in the music and tech industry [GamesBeat]

Superpower, a health tech startup developing an AI-powered health super app, raises $30M in Series A funding (Apr. 22nd)
- Integrates clinical diagnostics, functional medicine protocols, and 24/7 AI health coaching into a single app
- Investment led by Google Ventures and General Catalyst; other investors include Thrive Capital and First Round Capital [Forbes]
MagicBlock, a real-time engine for decentralized apps on the Solana blockchain, raised $7.5M in seed funding (Apr. 24th)
- Enables ultra-low-latency, fully on-chain apps via its Ephemeral Rollups tech, improving performance without sacrificing composability
- Investment was led by Lightspeed Faction, with participation from Delphi Digital, Robot Ventures, and Solana co-founder Anatoly Yakovenko [GamesBeat]
Puresport, a London, UK-based performance supplement and hydration brand, raised £3.6M (approx. $4.5M) in funding (Apr. 23rd)
- Offers hydration blends, adaptogenic mushrooms, and creatine supplements focused on endurance, recovery, and long-term wellness
- Investment was led by Redrice Ventures and Five Seasons Ventures; other investors include rugby players Finn Russell and Ben Earl
ALT Sports Data, a provider of official data and engagement solutions for emerging sports, raises $5M in Seed funding (Apr. 21st)
- Delivers proprietary data and media tools to sportsbooks and leagues, focusing on underrepresented sports like Formula 1, X Games, and World Surf League
- Investment was co-led by Relay Ventures and Eberg Capital; other investors include Motley Fool Ventures and Scrum Ventures [ALT Sports Data]

FlyMeOut, a New York-based invite-only luxury social travel platform, raises $1M in Seed funding at a $12.5M cap (Apr. 18th)
- Connects vetted members—ranging from influencers to professionals—for curated group trips, private dinners, and exclusive events
- Founded by former attorney Zach Latos, FlyMeOut has amassed a 20,000-person waitlist and is often dubbed the “Digital Soho House of group travel” [Traded]

Brandlight, a Tel Aviv-based AI-powered insights and influence system for brand visibility in AI-generated search, raises $5.75M in Seed funding (Apr. 17th)
- Helps brands analyze and influence how they appear across AI-driven platforms like ChatGPT and Perplexity
- Investment co-led by Cardumen Capital and G20 Ventures; other investors include Tony Weisman (former CMO of Dunkin’) and David Edelman (former Fortune 50 CMO) [SaaS News]
Motorsport Games, a leading developer of racing simulation games including Le Mans Ultimate, secures a $2.5M investment from VR firm Pimax (Apr. 15th)
- Supporting future product development, enhance the company's cash position, and fund working capital and general corporate expenses
- Both companies aim to collaborate on delivering immersive VR experiences in sim racing [Game Industry]

M&A and Investments

WWE acquires Lucha Libre AAA Worldwide, a Mexico City-based professional wrestling promotion, to expand its presence in the Latin American market (Apr. 19th)
- AAA is renowned for its vibrant characters and high-flying wrestling style, instrumental in launching the careers of stars like Rey Mysterio and Penta
- WWE plans to integrate AAA's talent and events into its programming, starting with a joint event, "NXT x AAA: Worlds Collide," scheduled for June 7, 2025 in LA [SEScoops]

Miller Sports + Entertainment acquires controlling interest in Real Salt Lake and Utah Royals FC for $600M to consolidate Utah-based sports ownership (Apr. 18th)
- Acquisition includes RSL, Utah Royals, Real Monarchs, RSL Academy, and key venues like America First Field and Zions Bank Stadium
- Led by former Utah Jazz owner Gail Miller; David Blitzer retains minority stake, while Ryan Smith exits
- Aims to strengthen Utah’s pro soccer infrastructure and deepen local investment in the sport [Sportico]

GoldState Music, a West Palm Beach, FL-based music rights investment platform, raises $500M in strategic capital to expand its portfolio of music assets (Apr. 21st)
- Invests in music rights, growth-stage music enterprises, and emerging music technologies [FinSMEs]
- Funding includes a structured capital facility co-led by Northleaf Capital Partners and Ares Management funds, along with additional leverage
Tether, the issuer of the USDT stablecoin, has increased its stake in Juventus FC to over 10%, solidifying its position as a significant shareholder (Apr. 24th)
- Raises Tether's total participation to 10.12% of Juventus' issued share capital, representing 6.18% of voting rights
- Aiming to enhance fan engagement, digital experiences, and financial resilience within the club [Tether]

*Photo Creds: Superpower raises $30M Series A. Pictured from left to right are co-founders Kevin Unkrich, Jacob Peters, and Max Marchione.*

Strategic Ventures

TGL, a tech-driven golf league co-founded by Tiger Woods and Rory McIlroy, is exploring expansion and the launch of a women’s league (Apr. 23rd)
- CEO confirmed active discussions to add new teams, with North American bidders under consideration
- Alexis Ohanian, owner of L.A. Golf Club, has advocated for a women's league since joining TGL and continues to support its development [SBJ]

Sports Innovation Lab and Microsoft launch AI Advantage, an AI education program tailored for women's sports executives, with its inaugural session held in New York City (Apr. 18th)
- Offers hands-on training with AI tools like Microsoft Copilot and Gamma, aiming to enhance content creation and media coverage in women's sports
- Scheduled virtually for June & August, in-person event planned for October [SBJ]

The Athletic partners with the NBA & WNBA to launch integrated video experiences within its platform, enhancing basketball storytelling for subscribers (Apr. 22nd)
- Aims to provide fans with a more immersive understanding of NBA & WNBA games by combining visual content with in-depth reporting [NYT]

SportsEngine Play, a youth sports streaming platform, extends partnership with NXTPRO, a basketball events and scouting company, through a five-year deal to boost elite youth basketball coverage (Apr. 21st)
- Live coverage of over 10K elite youth-level games in 2025, with Peacock set to stream ten fully produced games this year
- Utilizes AI-powered cameras, installed in partnership with Pixellot, across more than 10K facilities, including LakePoint Sports and Arizona Athletic Grounds [SBJ]

Kroenke Sports & Entertainment launches Kroenke Sports Properties (KSP) to centralize sponsorship sales across teams like the Rams, Nuggets, Arsenal FC, and more (Apr. 22nd)
- Aims to offer global brands integrated, multi-team sponsorships while maintaining localized team operations
- Led by Kevin Demoff, the initiative will apply insights from venues like SoFi Stadium to other KSE properties worldwide [SBJ]
Sports Innovation Lab, a fan intelligence firm, partners with Zoomph, a social analytics platform, to launch an AI-powered fan insights initiative (Apr. 23rd)
- Using AI to decode fan behavior by combining social and behavioral data to enhance audience understanding and sponsorship ROI
- Joint products launching mid-2025 aim to help sports orgs make smarter marketing and engagement decisions [PRWeb]
Infinite Athlete, a sports performance tech company, partners with Magnifi, an AI-powered video clipping platform, to enhance athlete performance analytics through advanced video solutions (Apr. 23rd)
- Integrating Magnifi's computer vision technology with Infinite Athlete's biomechanical analysis tools, which will enable real-time identification and tagging of key moments in sports footage [SBJ]