Zwift Raise $US450 Million In Funding As Virtual Training Booms
Global virtual cycling platform Zwift have announced a $US450 million ($AU625 million) minority investment by a group including Specialized, Amazon, True and a number of other venture capitalist funds.
Eric Min, founder of Zwift, said the investment will be used to accelerate the development of the software platform and bring Zwift-designed hardware to market, making Zwift a more immersive and seamless experience for users.
Since launching in 2015 Zwift now has more than 2.5 million registered users across 190 countries.
The platform's prominence has been significantly boosted in 2020 as many turned to indoor training for fitness and also the social connections through the Zwift community.
Eric Min said with the investment, Zwift is primed to operate in a broader fitness market and deliver on the ambition to provide gamified fitness to anyone who wants to have fun while getting fit at home.
"We will be accelerating our investment in the core business," he said. "Improving the overall product experience, and bringing forward new features, more content and Zwift designed hardware. 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.”