An online fitness-based platform Zwift that immerses cyclists and runners in a 3D generated environment has raised a massive $450 million in a funding round, led by KKR the investment firm. Zone 5 ventures also joined this round along with Highland Europe, Causeway Media, and Novator who are also the earlier backers of the app.
With a total of $620 million in funding, the company is valued just short of $1 billion. Since Zwift’s 2015 funding, as much as 2.5 million people have signed up to enter a world, that Outside magazine once described as, “part social media platform, part personal trainer and part computer game.” And no! this is no joke! This particular combination has made Zwift interesting for both recreational and pro riders to train in any conditions.
However, the company declined to comment on its active subscriber numbers, Currently, it charges $15 per month, but it has a loyal base of users, and 117000 of them recently participated in the virtual version of Tour De France hosted by Zwift.
Now it is looking to enter into the hardware business, but it hasn’t revealed anything in particular. However, the company believes, that the hardware will provide a much more immersive experience for its users.
Stephen Shanley, the Director of KKR, said in a statement, “Zwift is the preeminent digital brand for the global cycling community with a best-in-class product that sits at the intersection of digital health, gaming, and at-home fitness. We see tremendous potential ahead as Zwift invests further in its digital and physical products to enhance the experience for its global community of enthusiastic users. This investment fits perfectly with our growth equity strategy of backing leading tech entrepreneurs as they scale globally.”