onX, a digital startup based in Missoula, Montana, revealed Monday that they had secured an $87.4 million Series B investment. Apparently, this is the biggest investment of its kind in Montana’s history of venture capital.
Summit Partners, which also led the company’s Series A fundraising in 2018, reportedly served as the lead investor in this round, while the company’s press statement notes that Steve Burke’s Madison Valley Partners and other current investors also participated.
onX, a mapping app founded in Missoula in 2009, lets adventurers download detailed topographical maps layered with other information before venturing into the wilderness. Then, even if they aren’t in mobile phone range, users can view information on land ownership and other layers superimposed over their current location.
OnX Hunt, onX Offroad, and onX Backcountry are just a few of the navigation apps that have been produced by the firm.
The apps reveal 852 million acres of public property, 550,000 miles of motorized trails, 10,000 miles of detailed treks and routes, 60,000 campsites and lodges, and hundreds of layers to the user.
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Steve Burke, a founding partner of Madison Valley Partners and a former chief executive officer of NBCUniversal, remarked that onX was filling a “critical need” for outdoor enthusiasts. “I have seen the company rise to the top of the hunting and outdoor industries by creating groundbreaking products and services that strengthen people’s ties to the land. I’m excited to watch onX keep pushing the boundaries of mapping technology and the ways in which people enjoy the outdoors.”
Since 2018, when it secured a Series A funding round, the firm claims to have tripled its workforce size.
“What makes onX unique is our capacity to design solutions that empower recreationists to explore new landscapes and unite them to safeguard access to our natural environment,” stated Laura Orvidas, CEO of onX. “This synergy is what drives our rapid expansion in customer base. With this funding, we’ll be able to provide even more to our customers and continue revolutionizing the way people who enjoy the outdoors live their lives.”
The previous state record for VC funding in a company was held by another Missoula firm. The software business Submittable, which serves organizations, governments, and enterprises, said earlier this year that it had raised $47 million in Series C funding.
“The $87.4 million growth investment in onX marks a new high point for the Montana tech community and a huge economic boost for a company that has already created hundreds of jobs in Missoula, Bozeman, and beyond,” explained Christina Quick Henderson, the executive director of the Montana High Tech Business Alliance.
To quote the author, “OnX is the archetypal Montana success story – a tech firm founded to share one hunter’s enthusiasm for the outdoors that thrived not in spite of, but because of, its roots in Montana.”
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