KKR Leads $450 Million Funding for Online Fitness Platform Zwift
September 16 2020 - 09:07AM
Dow Jones News
By Colin Kellaher
Online fitness platform Zwift on Wednesday said it raised $450
million in a Series C funding round led by private-equity firm KKR
& Co.
A specific valuation wasn't disclosed, but a Zwift
representative said it exceeded $1 billion, making Zwift a unicorn,
or a privately held startup valued at $1 billion or more.
Private-equity firm Permira, Amazon.com Inc.'s venture-capital
fund Amazon Alexa Fund and Specialized Bicycle Components'
venture-capital fund also participated in the round as new
investors, along with existing investors True, Highland Europe,
Novator and Causeway Media, Zwift said.
Zwift's app connects cyclists and runners in 3D
computer-generated worlds. The Long Beach, Calif., startup said it
will use the investment, which brings total funding to $620
million, to accelerate the development of its core software
platform and to bring Zwift-designed hardware to market.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 16, 2020 09:52 ET (13:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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