The money came from investment powerhouse KKR, as well as Permira, Specialized Bicycle Components’ venture capital fund, Zone 5 Ventures, and existing investors such as True, Highland Europe, Novator, and Causeway Media. One of the prominent gaming investors is Ilkka Panaanen, the CEO of Clash of Clans maker Supercell. The investment will help accelerate the development of the company’s core software platform and bring Zwift-designed hardware to market.
Zwift uses what it calls an “immersive and seamless” experience that motivates users with fitness games and events like a virtual Tour de France. That means bringing the outdoor experience of running or cycling indoors, just as Peloton does. But the company goes further by immersing users in 3D computer-generated worlds. It’s kind of a double-whammy for publicly traded Peloton, as it comes less than a day after Apple announced that it would do remote exercise training via its Fitness+ app on the Apple Watch and iPhone platforms.