
Total amount raised
$164.3 Millions
Latest funding date
December, 2018

Location
Zwift has successfully raised significant funding over multiple rounds, with its latest being a Series C. The platform offers an innovative approach to indoor cycling, transforming it into a dynamic and social experience.
Keep reading to explore the intricacies of Zwift's fundraising journey and the investors backing this unique fitness platform.
What Is Zwift?
Founded in 2014, Zwift is based in Long Beach, California. The company was established by Alarik Myrin, Eric Min, Jon Mayfield, Meir Machlin, and Scott Barger.
Zwift operates an online fitness platform that transforms indoor cycling and running workouts into dynamic and social experiences. Users can connect their physical indoor trainers to the platform, allowing them to pedal inside while immersed in virtual landscapes.
With a team of 251-500 employees, Zwift leverages gaming technology to make at-home exercise engaging and fun, promoting social interactions among cyclists and runners in a 3D computer-generated environment.
How Much Funding Has Zwift Raised?
- Seed Round
- Amount Raised: $350K
- 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: $7M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Angel Round
- Amount Raised: $10M
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform features and increase user acquisition.
- Series A
- Amount Raised: $27.2M
- Date: November 2016
- Lead Investors: Novator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Secondary Market
- 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
- Amount Raised: $125M
- Date: December 2018
- Lead Investors: Highland Europe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new training categories and add esports tournaments.
- Secondary Market
- 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
- Amount Raised: $450M
- Date: September 2020
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and platform expansion.
Total Amount Raised: $619.55M. 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. They have strategic partners that manage hedge funds.
- Investment Focus Areas: Private equity, energy, infrastructure, real estate, credit.
- Notable Investments: First Data, GoDaddy, ByteDance.
- Ion Pacific
- Details: Ion Pacific is a financial services firm that provides capital solutions and advisory services. They focus on innovative and high-growth companies.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Not publicly disclosed.
- Highland Europe
- Details: Highland Europe is a growth-stage technology investor. They focus on internet, mobile, and software companies.
- Investment Focus Areas: Internet, mobile, software.
- Notable Investments: eGym, Huel, WeTransfer.
- Novator
- Details: Novator is an investment firm that focuses on high-growth sectors. They have a diverse portfolio across various industries.
- Investment Focus Areas: Telecommunications, technology, healthcare.
- Notable Investments: Play, WOM, Deliveroo.
What's Next for Zwift?
Zwift's future is brimming with opportunities. The platform is set to expand beyond cycling into running, rowing, and step machines, tapping into a vast market of fitness enthusiasts. With over 1 million registered users and a global presence, the potential for growth is immense. The addition of esports tournaments and potential partnerships with gyms and hotels could further solidify its market position.
As Zwift continues to grow, future fundraising rounds seem likely. Strategic investors already involved in fitness enterprises could provide additional funding and partnerships. However, challenges such as maintaining user engagement, integrating new sports, and facing competition from other platforms will need to be navigated carefully.
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