Zwift

Zwift is a startup that develops and hosts virtual cycling races and manufactures connected fitness equipment/hardware. With the Zwift virtual environment, users can ride in groups and participate in races. Users can access and take part in Zwift with a basic set of hardware as a trainer, a bike, and a computer, while for more professional cyclists, heart rate monitors, speed and cadence sensors, and power meters are recommended to enhance the experience. 

In March 2021, Zwift announced plans to launch three at-home fitness hardware models produced by Chinese manufacturing partners and distributed them to customers worldwide. Later, in January 2022, Zwift launched two new products, Zwift Wheel (a direct-drive smart trainer) and Zwift Ride (a smart bike) entering the connected fitness product space. Zwift Wheel features virtual shifting protocols, a wireless game controller for steering, braking, and other controls, and it can also be transformed into a Zwift smart bike or users’ own bicycle by adding on the wheels. It charges USD 14.99 (CAD 18.99 / YEN 1,650 /EUR 14.99) per month for users to access workout content on its virtual platform.  

In September 2020, the startup raised USD 450 million, led by the private equity firm KKR, in a Series C funding round and was valued at more than USD 1 billion after funding. These funds would be utilized to introduce its own hardware and expand its coverage by introducing other gamified sporting activities.