Popular online fitness training platform Zwift raised $450 million in a new investment round led by U.S. private equity firm KKR & Co Inc.
This latest round of investment values the California-based company at more than $1 billion.
The new online fitness platform provides an app that users can use to train from home. Primarily targeting activities such as riding, running, and training, it is expected to become a serious competitor to other fitness subscription programs offered by players such as Peloton.
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Zwift sees room to grow, even with competition
The platform offers over 1000+ structured workouts that guide users based on their skill levels. Whether you are just beginning to run and need help with intro-level features or training to break your previous 5K record, Zwift has a plan, of course, specially designed for you.
Like some of the other popular streaming fitness platforms, Zwift is also very community focussed and allows you to achieve your goals and train with your friends using the platform right from your home.
Their fitness equipment is priced more along the lines of Peloton. The Zwift Wahoo kickr Bike is priced at $3,499 and the Stages SB20 bike is priced at $2,899.
Zwift has over 2.5 million accounts registered in 190 countries and uses immersive 3D technology to help runners and cyclists train virtually through its app.
The company will use the new investment to develop its core software platform and increase headcount, the company said. It’s important to note that Amazon Alexa Fund is also a key stakeholder in Zwift.
In July, Virtual Tour de France was held on the Zwift platform after the COVID-19 pandemic forced the actual annual July race’s postponement. The company will also be the host platform for the first-ever esports cycling world championship, which will be held this December.
The post lockdown period has seen the rise of numerous online fitness and training programs both from existing players such as Peloton and new offerings from larger tech players such as Apple and Amazon to entice users into additional subscriptions via Apple Fitness+ or Amazon Halo subscriptions.