Total amount raised
$164.3 Million
Latest funding date
12/1/2018
Location
Zwift has successfully raised funds over 8 rounds, with the latest being a Series C round involving 10 investors, including lead investor Kohlberg Kravis Roberts (KKR). The platform transforms solo indoor cycling into dynamic and social adventures, offering a variety of workouts, training plans, and events.
Zwift is backed by 18 investors, with recent contributions from Permira and True. Keep reading to explore the intricacies of Zwift's fundraising journey and the investors backing this innovative platform.
What Is Zwift?
Zwift is an innovative platform that transforms solo indoor cycling into dynamic and social adventures. The company operates in the cycling, fitness, sports, and wellness industries. Based in Long Beach, California, Zwift has a significant workforce, with an employee count ranging from 251 to 500.
Founded to make indoor cycling more engaging, Zwift offers a virtual environment with thousands of workouts, personalized training plans, group rides, and racing events. The app is compatible with smart trainers and bikes, simulating outdoor cycling experiences indoors.
How Much Funding Has Zwift Raised?
- Seed Round
- Amount Raised: USD 350,000
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the platform and validate the business model.
- Angel Round
- Amount Raised: USD 7,000,000
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and grow the user base.
- Angel Round
- Amount Raised: USD 10,000,000
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's technology and support marketing efforts.
- Series A Round
- Amount Raised: USD 27,150,000
- Date: November 2016
- Lead Investors: Novator
- Valuation at Round: USD 180,000,000
- Motivation Behind the Round: To scale operations and enter new markets.
- Secondary Market Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Ion Pacific
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series B Round
- Amount Raised: USD 125,000,000
- Date: December 2018
- Lead Investors: Highland Europe
- Valuation at Round: USD 500,000,000
- Motivation Behind the Round: To expand into new training categories and add esports tournaments.
- Secondary Market Round
- Amount Raised: Not publicly disclosed
- Date: April 2019
- Lead Investors: Ion Pacific
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional liquidity to stakeholders.
- Series C Round
- Amount Raised: USD 450,000,000
- Date: September 2020
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the platform's capabilities.
Total Amount Raised: USD 619,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Kohlberg Kravis Roberts (KKR)
- Details: KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit. Founded in 1976, KKR has a long history of successful investments and is known for its expertise in leveraged buyouts.
- Investment Focus Areas: Private equity, growth equity, infrastructure, real estate, credit.
- Notable Investments: First Data, GoDaddy, ByteDance.
- Ion Pacific
- Details: Ion Pacific is a financial services firm that specializes in providing capital solutions and strategic advice to technology and growth companies. The firm focuses on creating value through innovative financial structures and strategic partnerships.
- Investment Focus Areas: Technology, growth companies, strategic partnerships.
- Notable Investments: Not publicly disclosed.
- Highland Europe
- Details: Highland Europe is a growth-stage technology investor that focuses on backing rapidly growing European internet, mobile, and software companies. The firm aims to support entrepreneurs in scaling their businesses to global success.
- Investment Focus Areas: Growth-stage technology, internet, mobile, software.
- Notable Investments: eGym, Huel, WeTransfer.
- Novator
- Details: Novator is an international investment firm that focuses on telecommunications, media, and technology sectors. The firm is known for its strategic investments and active involvement in the companies it backs.
- Investment Focus Areas: Telecommunications, media, technology.
- Notable Investments: Play, WOM, Verne Global.
- True
- Details: True is a private equity and venture capital firm that invests in consumer and retail businesses. The firm leverages its extensive industry network and expertise to help companies grow and succeed.
- Investment Focus Areas: Consumer, retail, fitness.
- Notable Investments: Ribble, The Cotswold Company, Hush.
What's Next for Zwift?
Zwift is poised to capitalize on several significant opportunities. The platform's expansion into new training categories, such as running and esports, presents a vast market potential. With a global audience of competitive and enthusiast cyclists, Zwift's user base is set to grow exponentially. Additionally, potential partnerships with gyms, offices, and hotels could further extend its reach.
Future fundraising opportunities appear promising, with the company nearing unicorn status. Strategic investors with interests in fitness enterprises may lead to additional funding rounds or collaborations. However, Zwift must navigate challenges like maintaining user engagement and integrating new fitness equipment to ensure a seamless experience.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Zwift and gather other critical business insights. Sign up for free and start leveraging these powerful tools today.
