? Later Stage VC
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California-based online fitness gaming platform Zwift has raised $450m in a Series C round with the valuation of above $1B (according to Reuters)
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The funding round was led by KKR, with the participation of Permira, Zone 5 Ventures, Amazon Alexa Fund, and existing investors True, Highland Europe, Novator, Causeway Media, and Ilkka Paananen (Supercell Co-Founder and CEO)
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The company will use the proceeds to accelerate the development efforts of Zwift’s core software platform and bring its hardware to the market
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The company has raised $620m in funding to date
? Previous Rounds
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In December 2018, Zwift raised $120m in a Series B round led by Highland Europe, with the participation of True, Causeway Media, and Mark Wan
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In November 2016, the company raised $27m in a Series A funding round led by Novator Partners, with participation from Shasta Ventures, Max Levchin, and earlier backers, such as Waypoint and Samchuly
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Prior to this, Zwift had several small investments, such as a $10m angel round and a $7m friends and family round
? Products
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Zwift is an online fitness platform with over 2.5 million accounts registered across 190 countries, where users can train, compete or ride together by using bikes or treadmills
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Zwift contains 240 miles of the road over 10 virtual environments, over 1000 structured workouts, training races, group races, and even daily events. If needed, users can even create their own custom workout
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The platform also positions itself as a host for professional virtual sports events – it already hosted Virtual Tour de France this July and plans to be the host for UCI Cycling Esports World Championships later this year
