Total amount raised
$620M
Latest funding date
2020-09-16
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.
Zwift has raised funding across 8 rounds, backed by 18 investors, with key backers including KKR, Highland Europe, Novator Partners, Permira, True, and Ion Pacific.
Keep reading to explore Zwift's complete fundraising journey, from its early seed round through to its landmark Series C.
What Is Zwift?
Zwift is a global online fitness platform headquartered in Long Beach, California, that transforms solo indoor cycling and running into dynamic, social adventures. Compatible with smart trainers and bikes, the platform offers a virtual environment featuring structured workouts, training plans, group rides, and competitive racing events. With a community of millions of riders and runners worldwide, Zwift sits at the intersection of gaming, fitness, and competitive sports, with a team of approximately 251–500 employees.
How Much Funding Has Zwift Raised?
- Seed Round
- Amount Raised: USD 350,000
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Angel Round
- Amount Raised: USD 7,000,000
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Angel Round
- Amount Raised: USD 10,000,000
- Date: January 2016
- Lead Investors: COLOPL (undisclosed amount invested prior to Series A; round lead not publicly confirmed)
- Series A
- Amount Raised: USD 27,150,000
- Date: November 2016
- Lead Investors: Novator Partners
- Participants: Shasta Ventures, Max Levchin, Waypoint Capital, Samchuly
- Secondary Market
- Amount Raised: Undisclosed
- Date: January 2018
- Lead Investors: Ion Pacific
- Series B
- Amount Raised: USD 120,000,000
- Date: December 2018
- Lead Investors: Highland Europe
- Participants: True, Causeway Media, Novator Partners
- Secondary Market
- Amount Raised: Undisclosed
- Date: April 2019
- Lead Investors: Ion Pacific
- Series C
- Amount Raised: USD 450,000,000
- Date: September 16, 2020
- Lead Investors: KKR (via Next Generation Technology Growth Fund II)
- Participants: Permira (via Growth Opportunities Fund I), Zone 5 Ventures, Amazon Alexa Fund, Ilkka Paananen, True, Highland Europe, Novator Partners, Causeway Media, Bryant Stibel
Total Amount Raised: At least USD 614,500,000 based on disclosed funding (two Secondary Market rounds had undisclosed amounts).
Key Investors
- KKR (Kohlberg Kravis Roberts & Co.)
- Details: KKR is a leading global investment firm founded in 1976, focused on private equity, growth equity, infrastructure, and credit. KKR led Zwift's $450M Series C round in September 2020 through its Next Generation Technology Growth Fund II. Notable investments include First Data, GoDaddy, and ByteDance.
- Highland Europe
- Details: Highland Europe is a growth-stage venture capital firm that led Zwift's $120M Series B in December 2018. The firm focuses on consumer tech, fitness tech, and SaaS, with a portfolio that includes Wolt, Malwarebytes, WeTransfer, Huel, and eGym.
- Novator Partners
- Details: Novator Partners is a London-based private equity and venture capital firm that led Zwift's $27M Series A in November 2016 and participated in the Series B and Series C. Portfolio investments include Deliveroo and Stripe.
- Ion Pacific
- Details: Ion Pacific is a financial services firm providing capital solutions and strategic advice to technology and growth-stage companies. Ion Pacific led two undisclosed Secondary Market transactions in Zwift in January 2018 and April 2019.
- Permira
- Details: Permira is a global private equity firm that participated in Zwift's Series C via its Growth Opportunities Fund I. The investment was made through the Menlo Park office.
- True
- Details: True (True Capital Ltd) is a retail, consumer, and leisure investment firm. True participated in Zwift's Series B and Series C, with co-founder Paul Cocker noting the Series C was their first $100M investment.
What\'s Next for Zwift?
Zwift is positioned to leverage its $450M Series C funding to expand its platform globally, invest in hardware development, and grow its esports presence. The company achieved unicorn status following the September 2020 round, with a valuation exceeding $1 billion. With backing from top-tier investors including KKR, Permira, and Highland Europe, Zwift aims to build on its leadership in the virtual fitness space, deepen its competitive racing ecosystem, and broaden accessibility for cyclists and runners worldwide.
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