Cycling: Zwift valued at $1bn (€926.2m) after raising $620m (€574.3m) in new funding

Zwift, a global online training and competition platform for athletes (cycling, running), has raised $620m (€574.3m), according to specialised media on 05/02/2023.

This new round of financing was led by the three venture capital funds; Amazon's Alexa Fund (e-commerce), Permira Holdings, and KKR and Co, the company that led the previous $450m (€379.1m) fundraising on 16/09/2020. Zwift, the presentation partner of the "Tour de France Femmes avec Zwift" (ASO) since 2022, is thus valued at $1bn (€926.2m). The American "unicorn" had raised $120m (€105.5m) on 19/12/2018.

Zwift's business model is based on a monthly subscription offer priced at $15 (€14). The platform boasts 1 million subscribers to date. "But let's be honest, the cost of running our business has gotten more expensive. It's been really tough. The supply chain issues are real. We are trying to run a business that is profitable at some point. It's not at the moment. We're really focused on trying to onboard as many customer as possible, and trying to make the pricing accessible," said Eric Min, CEO and founder of Zwift, to…