onX, a Missoula, MT-based outdoor digital navigation company, raised $87.4M in Series B funding.
The round was led by Summit Partners, with participation from Madison Valley Partners.
The company intends to use the funds to expand operations and its development efforts.
Founded in 2009 and led by CEO Laura Orvidas, onX creates mapping and navigation technology that helps inform, inspire, and empower millions of outdoor recreationists. The company’s suite of navigation apps includes three products – onX Hunt, onX Offroad, and onX Backcountry – each tailored to the adventure at hand. The apps put 852 million acres of public land, 550,000 miles of motorized trails, 10,000 detailed hikes and routes, 60,000 campgrounds and cabins, hundreds of layers, and more at users’ fingertips.
Since raising a Series A in 2018, the company’s growth has accelerated. Over the course of the last four years, onX has increased annual recurring revenues 10x while growing its team by more than 300% – including a nearly five-fold increase in its engineering bench – to support continued expansion and enhancement of its product offering. The company also acquired Outdoor Project and the Adventure Project suite of products (Mountain Project, Hiking Project, MTB Project, Powder Project, Trail Run Project, and National Park Trail Guide).
FinSMEs
05/10/2022