London investors back US-based sports training platform Zwift in $120m Series B

Consumer innovation investor True has backed US-based digital sports training platform Zwift.

Venture capital firm Highland Europe led the $120m (c.£95m) Series B round with participation from investors True, Novator and Causeway Media.

Zwift will use the funding to invest in its new running discipline and expanding into the burgeoning esports market.

The Zwift App allows users to ride or run with friends from around the world, undertake structured workouts and participate in virtual group events.

Over one million people have created accounts on Zwift to date, collectively logging more than 410 million virtual miles.

True co-founder Paul Cocker said: “This investment allows Zwift to present an even more advanced offering to a growing audience of cyclists and runners in need of new ways to train and remain active indoors.”

Zwift CEO Eric Min commented: “In 2018, more than one third of the Tour de France peloton were Zwifters. With that support already in place, we are in the unique position of being able to combine affordable physical endeavour with video gaming technology, ultimately setting the stage for us to become the first true esport of its kind.”

Highland Europe partner Tony Zappala said: “Zwift is a fantastically innovative company and they are certainly leading the way in the indoor training space.

“It’s a highly scalable business and we’ve been impressed with how they have already managed to expand globally; already 70 percent of current subscribers are from outside the USA.”

Novator partner Birgir Már Ragnarsson said of the funding round: “We are delighted to be continuing the journey with Zwift. We firmly believe in the enormous potential of Zwift and this is why we have chosen to invest further.”

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