Zwift, a 350-person, Long Beach, Calif.-based online fitness platform that immerses cyclists and runners in 3D generated worlds, just raised a hefty $450 million in funding led by the investment firm KKR in exchange for a minority stake in its business.
Permira and Specialized Bicycle’s venture capital fund, Zone 5 Ventures, also joined the round alongside earlier backers True, Highland Europe, Novator and Causeway Media.
Zwift has now raised $620 million altogether and is valued at north of $1 billion.
Why such a big round? Right now, the company just makes an app, albeit a popular one.
Read more Source: techcrunch.com