Zwift makes a popular indoor training app that immerses cyclists and runners in 3D-generated worlds and appeals to both recreational riders and pros. Since its 2015 founding, 2.5 million people have signed up; the company charges $15 per month but declined to share active subscriber numbers, and 117,000 users competed in a virtual Tour de France event. The company is roughly 350 people and is based in Long Beach, California. Zwift has raised significant capital and is valued north of $1 billion, enabling strategic moves beyond software. The company is now moving into hardware, aiming to build its own smart trainers (and possibly other products like treadmills) to create a “more immersive and seamless experience,” though it said COVID has placed increased pressure on production and it cannot discuss particulars. Zwift said it does not plan to offer Peloton-style classes; future possibilities mentioned include bringing in other disciplines or a more gamified experience. Zwift operates a multiplayer video game technology platform for cycling, running and general fitness. Its apps run on PC, Mac, iOS, Android and Apple TV and enable structured workouts, group events and social rides/runs in virtual environments. The company recently introduced Zwift Run and the Zwift RunPod, a Bluetooth device that pulls treadmill data and syncs with the app. Zwift reports it has logged over 410 million virtual miles and that more than one million people have created accounts, with 70% of current subscribers outside the U.S. The company says it will use new funding to invest in esports and to further grow its running platform. Zwift recently raised $120 million in a Series B to support those initiatives. Zwift is a multiplayer video game that merges gaming, indoor cycling and social elements to enable virtual group rides and races. Users can connect with friends and strangers, integrate with Strava to view routes and performance stats, and earn awards and badges. The service is affordable at $10 per month and works with users' existing bikes and trainers. The company was founded two years ago in Long Beach, Ca., and operates with a roughly 70-person team. About 200,000 people have signed up for the service, though not all are paying subscribers. Zwift is preparing wider releases of an iOS app (beta released) and an Android app next year to accelerate growth beyond hardcore cyclists.

Total raised

$597M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2020