Zwift, the US-based creator of an online multiplayer game centred on indoor cycling, has raised $27m in a series A round featuring bicycle parts supplier Samchuly, TechCrunch reported on Wednesday.
Private equity firm Novator Partners led the round, which included venture capital firm Shasta Ventures, investment firm Waypoint and angel investor Max Levchin. It increased Zwift’s total funding to $45m, and Samchuly and Waypoint took part as existing backers.
Zwift has developed a game in which up to 70 people can take part in group rides or compete with each other in virtual races using bikes they already own, which are fixed in place using smart trainers that connect to the platform online.
Users currently monitor their progress through a laptop screen but Zwift is preparing to commercially launch an iOS app version, which is currently in beta. Around 200,000 people have signed up to the service but not all of them pay the monthly $10 subscription fee.
Eric Min. Zwift’s co-founder and CEO, told TechCrunch: “I think people thought what we were doing was really niche, but we think the opportunity is very large.
“We are going not just after traditional cyclists but anyone who wants to be more fit. Anyone who buys a Fitbit device is our target market.”
– Image courtesy of Zwift Inc.