Stop us if you’ve heard this before: An at-home fitness company is crushing it during the pandemic. Zwift, a training aid that hosts virtual bike and running races, raised $450 million at a valuation of more than $1 billion yesterday.
It’s not a Peloton clone
Instead of a roster of toned instructors yelling fortune cookie phrases at you, Zwift takes training a step further, immersing athletes in a 3D virtual world on a device of their choosing.
- Investors are confident there’s a healthy appetite for screaming “On your left!” at your iPad; about 117,000 riders participated in a virtual Tour de France Zwift hosted in July.
But Zwift says it’ll eventually use the funding to go handlebar to handlebar with Peloton—it plans to introduce an indoor bike of its own in the near future.
Zoom out: Zwift is hoping its unique product will help it stand out in the crowded at-home fitness industry; Apple’s Fitness+ service just entered the gym on Tuesday.
Via Morning Brew