The app for hiking enthusiasts just secured a big round of capital that will help it map more trails worldwide.
AllTrails has raised $75 million, led by Spectrum Equity, which has taken a majority stake in the company in the process. Founded in 2010, AllTrails raised a small amount of capital years ago from investors, including 2020 Ventures and 500 Startups. It was also part of AngelPad’s inaugural accelerator class. This is its first sizeable round of equity financing.
AllTrails provides what it calls an “outdoors platform” that includes crowdsourced reviews of trails from its community of 9 million avid hikers, mountain bikers and trail runners in more than 100 countries. It also provides detailed trail maps and other content tailor-made for outdoorsy folk. The company says its app has been downloaded more than 12 million times.