Long Beach, California-based Zwift, operator of an online fitness platform that provides indoor riding and running workouts immersed in virtual worlds, announced Wednesday that it has raised $450 million in a Series C round led by KKR.
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The investment will go toward accelerating the development of the company’s core software platform and bring Zwift-designed hardware to market. Currently, users of the company’s platform interact, train and compete together by pairing an exercise bike or treadmill to the Zwift app, to power their in-game avatars.
The mega-sized funding round comes as the connected fitness space remains red-hot. Shares of rival Peloton have more than tripled since the company made its public market debut nearly a year ago, with the New York company now maintaining a market valuation of close to $25 billion. In addition, Apple unveiled its own subscription fitness service on Tuesday.
Photo: Courtesy of Zwift.
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