Zwift Raises $450 Million Funding; Sequence C Spherical Led By KKR

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Zwift makes use of the ability of gaming know-how to convey the outside expertise indoors, making at dwelling train a enjoyable, participating and social expertise by connecting cyclists and runners in immersive 3D computer-generated worlds. Customers of the Zwift platform work together, practice and compete collectively by wirelessly pairing a motorbike coach or treadmill to the Zwift app, to energy their in-game avatars. This totally immersive expertise brings the expertise of the surface world into the digital, simulating the gradients of mountain climbs and the draft of different riders. The platform provides its members the chance to discover 240 miles of terrain in 10 digital worlds the place they will additionally observe structured coaching plans, take pleasure in group rides or participate in any one of many a whole bunch of each day mass participation occasions. The social facet of the platform helps ship the expertise of aggressive and communal coaching for customers who need to trip or run collectively and keep social connections from the consolation of their houses, with the person expertise frequently bettering because the group grows.

Since launching in 2015, Zwift has seen over 2.5 million accounts registered throughout 190 international locations, positioning Zwift as a world chief within the at-home linked health market. Zwift’s prominence has elevated considerably in 2020 as many turned to the platform to offer not only a health answer but additionally a method to assist them keep their social connections by becoming a member of Zwift’s vibrant group who work out collectively on-line. Zwift has additionally led the best way in a brand new class of physically-powered esports, internet hosting quite a few skilled occasions together with the primary Digital Tour de France in July, an occasion broadcast to over 130 international locations worldwide that noticed the world’s greatest female and male skilled cyclists compete. Later this 12 months, Zwift would be the host platform for the inaugural UCI Biking Esports World Championships.

Stephen Shanley, Director at KKR, stated: “Zwift is the preeminent digital model for the worldwide biking group with a best-in-class product that sits on the intersection of digital well being, gaming and at-home health. We see super potential forward as Zwift invests additional in its digital and bodily merchandise to reinforce the expertise for its international group of enthusiastic customers. This funding matches completely with our progress fairness technique of backing main tech entrepreneurs as they scale globally.” Patrick Devine, Principal at KKR, added: “We’re delighted to steer this spherical, supporting Eric and his staff with entry to KKR’s international platform and sources.”

Andrew Younger, a Principal in Permira’s Menlo Park workplace, stated: “Zwift is an ideal match with Permira’s DNA, not least as a result of we’ve a giant Zwift fanbase within the agency, but additionally an in depth observe document of investing in shopper know-how companies to ship international progress. We’re excited to associate with Eric and the staff as they search to turbo cost product funding and to solidify Zwift’s place because the chief of at-home health.”

Paul Cocker, Co-Founding father of True, stated: “As present buyers, we’re delighted to have considerably elevated our assist for Zwift on this spherical, which displays the power of the connection we’ve constructed with Eric and the staff, in addition to the boldness we’ve developed within the know-how and model over the past two years. That is our first $100m funding and we’re excited concerning the elevated alternative this transaction now provides Zwift to additional remodel at-home health”.

Eric Min, Zwift CEO and Co-Founder, stated: “With this funding, Zwift is primed to function in a broader health market and ship on our ambition to offer gamified health via built-in software program and {hardware}, to anybody who desires to have enjoyable whereas getting match at dwelling. We might be accelerating our funding within the core enterprise, bettering the general product expertise, and bringing ahead new options, extra content material and Zwift designed {hardware}, all with the assist of KKR and our new outdoors buyers who might help drive our progress. To make this occur, we might be growing headcount inside our core product groups, investing in the perfect individuals. We start by welcoming Ilkka Paananen to Zwift each as an investor and unbiased board member.”

Ilkka Paananen, Co-Founder & CEO, Supercell, stated: “Zwift is uniquely positioned to prepared the ground and develop a brand new international health group, combining video gaming and sports activities, two of my nice passions. I’ve been extremely impressed by Eric’s imaginative and prescient and ambition, and his dedication to constructing a world-class product for the group. There are a lot of thrilling progress alternatives for Zwift and I am trying ahead to being part of this journey.”

Specialised’s funding represents the start of a strategic partnership between the worldwide biking model and Zwift. Each manufacturers share the idea that biking, whether or not indoor or outside, has the ability to enhance lives. Chris Yu, Chief of Product and Innovation at Specialised, acknowledged “our objective is to pedal the planet ahead by getting extra riders driving, and we’re past excited on the alternative to associate with Zwift to interrupt down the boundaries to driving indoors on the world’s most participating platform.”

KKR’s funding was made via its Subsequent Technology Expertise Progress Fund II, a world fund devoted to progress fairness investments within the know-how house. KKR has established a robust observe document of supporting technology-focused progress corporations, having invested over $2.7 billion in associated investments since 2014. Permira’s funding was made via its Progress Alternatives Fund I, which focuses on minority investments in growth-focused, tech-enabled companies. Specialised’s funding was made via its enterprise fund, Zone 5 Ventures, which focuses totally on minority investments on the intersection of sports activities, media, know-how and well being and wellness. In reference to the financing, some buyers will buy shares from sure present shareholders. J.P. Morgan Securities LLC acted as Sole Placement Agent on the financing.

For additional data, please contact:

Chris Snook, +44 (0)7833 087 739, [email protected]

SOURCE Zwift

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