Zwift, a global online fitness platform for cyclists and runners, received a $450m minority investment.
The round was led by global investment firm KKR, accompanied by other new investors Permira, Specialized Bicycle Components’ venture capital fund, Zone 5 Ventures and the Amazon Alexa Fund and existing investors including True, Highland Europe, Novator and Causeway Media.
The company intends to use the funds to accelerate the development of its core software platform and bring Zwift-designed hardware to market.
Led by Eric Min, CEO and Co-Founder, Zwift uses gaming technology to bring the outdoor experience indoors, making at home exercise an engaging and social experience by connecting cyclists and runners in immersive 3D computer-generated worlds. Users of the platform interact, train and compete together by wirelessly pairing a bike trainer or treadmill to the Zwift app, to power their in-game avatars. The platform offers its members the opportunity to explore 240 miles of terrain in 10 virtual worlds where they can also follow structured training plans, enjoy group rides or take part in any one of the hundreds of daily mass participation events. Since launching in 2015, Zwift has seen over 2.5 million accounts registered across 190 countries.
The company has its headquarters in Long Beach, CA.