Miura enters Wikiloc to boost its international growth

Hiking enthusiasts are well acquainted with Wikiloc, a mobile application that allows users to GPS geolocate hiking routes and also share them with other users. Since its launch in 2006, this app has gained popularity and currently boasts over 12 million users and a database exceeding 43 million routes worldwide. It is not a large multinational, but rather a company founded in Girona by Jordi Ramot and Montserrat Jordi, who have now opted to seek a travel companion to embark on a new phase of growth and become a global reference application for navigation and geolocation of hiking and cycling routes.

The founders of Wikiloc announced this Tuesday that they have brought the Barcelona-based fund Miura Partners, led by Luis Seguí, into the company's capital. Through the investment vehicle Miura Impact Fund (MIF), the management company has taken, according to market sources, a 40% stake in Wikiloc, so Ramot and Jordi will maintain the majority shareholding and remain at the helm of management. With the financial resources provided by Miura, the application plans to accelerate its international growth, strengthen its team, and expand its value proposition with the development of new functionalities useful for the hiking and cycling community.

"We are convinced that a future where we spend more time doing outdoor activities, enjoying and preserving nature, is fundamentally better for everyone. We are excited to move towards that destination with the Miura team as travel companions and to count on their help to improve and bring Wikiloc to many more people and countries more quickly," explained CEO Jordi Ramot.

With revenues of five million euros in 2021 and double-digit growth in 2022, Wikiloc employs a dozen people, a number that will now grow for the activation of the new international growth plan. Users can use the application for free, but to access certain functions, they must pay a fee, which is known in industry jargon as a freemium business model.

"Contributing to democratize and promote outdoor activities is a very effective way to combat sedentarism," explains Miura, who frames the investment in its commitment to support high-growth SMEs focused on "generating social and environmental impact." In fact, this is the second operation carried out by the new Miura Impact Fund, which has also invested in the green space maintenance company Tierra.

"Wikiloc very well represents the type of projects we want to support from Miura Impact Fund: companies with a clear success model whose business model contributes to generating positive social impact, and with great growth and scalability potential. Together with Jordi, Montse and the rest of the team, we are going to drive a consistent growth plan preserving the fundamental values of the company," Seguí highlighted.

Based in Barcelona, Miura Partners has also just announced the acquisition of the Alcoy-based olive company Cándido Miró, producer of the Serpis brand and with a turnover of more than 50 million euros. Other of its portfolio companies are Indiba, Educaedu, Grupo Tragaluz, Grupo Saona or the fruit company Citri&Co. Since 2008, it has invested in 50 companies for a value of 2,000 million euros and, currently, has assets under management for an amount of 1,200 million.