MapMyFitness, which makes fitness apps, has received $9 million in venture capital.
Austin Ventures and Milestone Venture Partners led the Series B investment round. Competitor Group, Inc. and The Running Specialty Group, LLC also announced their participation in the funding as part of larger business partnerships.
Susan Lahey, reporter with Silicon Hills News, recently did a profile of MapyMyFitness.
The Austin-based company has a series of fitness mobile phone apps with more than nine million registered users. They use the apps to measure their workout plans, measure their fitness activity and track their progress over time. An estimated 25,000 new users sign up every day.
MapMyFitness, which is privately held, reports its revenue has doubled every year for the past four years and is projected to nearly triple in 2012. The company makes money through strategic partnerships and advertising. The fitness app is free.
MapMyFitness plans to use its latest funding round to grow globally and to develop new products, Richard Jalichandra, chief executive officer of MapMyFitness, said in a news release.
“MapMyFitness has built the leading fitness activity tracking technology platform for consumers and enterprise alike,” Mike Dodd, partner at Austin Ventures and MapMyFitness board member, said in a news release. “The company has also proven its ability to build the business, with growth in audience and revenue far exceeding expectations.”
MapMyFitness recently announced a new platform with features like “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.”