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CGI, Run.com among new investors in MapMyRide

Published June 6, 2012

AUSTIN, TX (BRAIN) Wednesday June 6 2012 11:15 AM MT—Endurance event and media company Competitor Group Inc. and running retailer The Running Speciality Group are among the partners in a new $9 million investment in the fitness app company MapMyFitness.

The Austin-based company announced the investment late Tuesday. The funding was led by Austin Ventures and Milestone Venture Partners. The Running Specialty Group and CGI, the owner of the Rock N Roll running race series, Velo magazine and VeloNews.com, participated "as part of larger business partnerships," according to a press release.

The Running Specialty Group operates run.com, along with 19 specialty running shops in seven states and the District of Columbia under The Running Company banner.

MapMyFitness offers a web-based and mobile platform to map and track activities, and claims to have nine million users through its MapMyRun, MapMyRide and other sites.

"MapMyFitness'' amazing growth of one of the largest audiences of runners, walkers, cyclists and active people has tremendous synergy with what we're doing at Competitor with events like the Rock N Roll race series," said Scott Dickey, president and chief executive officer at CGI.

Topics associated with this article: Mergers/Acquisitions

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