Last month, MapMyFitness raised $9 million Series B round that was led by Austin Venture Partners and Milestone Venture Partners. However, last week they announced that an addition $3 million in financing from Square 1 Bank was raised. In addition, the company has reached more than 10 million registered members, which is definitely a feat to be recognized.
MapMyFitness is one of the largest online fitness communities, owning sites such as mapmyrun.com and mapmyride.com. The announcement of the recent $3 million financing came as the company sponsored, second annual Le Tour Challenge began. Le Tour Challenge is a competition that runs on the same time frame as the Tour de France. Cyclists are able to compete for over $55,000 in prizes as they race against other cyclists.
This funding will help MapMyFitness “advance its leadership position in global online and mobile application markets and further develop its offerings,” according to a press release about the funding. The past four years appear to have been very successful for MapMyFitness, as it has doubled its revenue during each of the past four years, and is on track to triple that this year. Its platform has also been recently reworked, making it more interactive and useable for its users. MapMyFitness was the only fitness app to make it on to TIME Magazine’s “50 Best Apps of 2012”.
GolinHarris has recently announced plans to acquire Virgo Health, a healthcare communications firm based in the UK. With this acquistion, GolinHarris intends to “launch a new specialty practice in healthcare focused on digital health,” according to this article.
Virgo Health was launched in 2003 and has offered a variety of services in healthcare communications since then. The company has built a great reputation for themselves, which will be great as it is combined with GolinHarris’ “digital expertise”. The founders of Virgo Health, Angie Williams and Sarah Matthew, will continue working in their current roles after the acquisition.