The creators of Zwift, an online fitness platform that creates a virtual world for runners and cyclists, have raised an impressive $450 million. One of the investors is the CEO of Supercell.
Six years ago, a beta version of the Zwift fitness platform was released in California, USA. According to the authors’ idea, the application was supposed to help bored cyclists who used exercise bikes to diversify their workouts. Anyone who was not interested in pedaling and looking at the walls of the house could launch the platform and immerse themselves in the virtual world. And also to invite friends there and compete together in overcoming distances.
Zwift created a three—dimensional environment – it became possible to ride in Paris, New York, London and other locations without leaving the living room. For reliable impressions, the platform has learned to synchronize the image and the load of the simulator. For example, it is more difficult for a user to study when his avatar in the application goes uphill.
The idea of the platform developers fired. Since its launch, 2.5 million people have registered with Zwift in 190 countries. Also, over time, the options of Zwift expanded and began to support not only cycling, but also virtual jogging.
This year, the startup has grown rapidly against the background. Zwift does not disclose financial details, but reports that global isolation has dramatically increased demand for the platform. Now the company wants to produce not only software, but also equipment for training. Previously, users had to buy smart sneakers and simulators from other companies.
“It takes time to properly develop the equipment, and COVID has put increased pressure on production,” a Zwift representative told Techcrunch. “The company hopes to bring its first product to market “as soon as possible”.”
The Zwift funding round involved major investment funds: KKR, Permira, Specialized Bicycle Components, Zone 5 Ventures, True, Highland Europe Novator and Causeway Media. Taking into account these investments, the company’s total investment today is $620 million, and the startup’s valuation has grown to $1 billion.
The key figure in the deal was Supercell co-founder Ilkka Panaanen, whom Zwift invited to the board of directors as an independent member. Whether this means that the company is going to pay more attention to the gaming experience in its fitness platform is unknown, but it cannot be ruled out.
Zwift has already become a part of esports. A division of the company called Zwift Esports is engaged in online racing and supports the professional cycling esports league KISS Super League. In addition, this summer the Zwift fitness platform was used for the virtual Tour de France.
Zwift is not the only such platform. Similar services are also offered by Apple and Peloton.
Apple gives users access to remote workouts using the Fitness+ app on Apple Watch, iPhone, iPad and Apple TV platforms. In addition to running and cycling, Fitness+ supports eight more types of workouts.
Peloton allows people to launch online lessons on cycling, running, yoga and meditation on iOS and Android devices. Peloton also produces a treadmill and an exercise bike itself.
Also on the topic:
- A studio with Russian roots Donut Lab has raised $ 1.6 million to develop the gameDevelopers of the Indian gaming platform WinZo have attracted $18 million in investments
- Yulia Palatovskaya’s gaming startup Dorian has raised $3.25 million
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