Zwift today announced a $450 million in Series C funding round led by global investment firm KKR. 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 also joined the round.
Eric Min, Zwift CEO and Co-Founder, said: “With this investment, Zwift is primed to operate in a broader fitness market and deliver on our ambition to provide gamified fitness through integrated software and hardware, to anyone who wants to have fun while getting fit at home. We will be accelerating our investment in the core business, improving the overall product experience, and bringing forward new features, more content and Zwift designed hardware, all with the support of KKR and our new outside investors who can help drive our growth. To make this happen, we will be increasing headcount within our core product teams, investing in the very best people. We begin by welcoming Ilkka Paananen to Zwift both as an investor and independent board member.”
Since its launch in 2015, Zwift has reached more than 2.5 million accounts across 190 countries. The Zwift platform offers 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.
KKR director Stephen Shanley said that “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.”
Zwift has around 350 employees, and so far the company has raised $620 million.