Funding round
Zwift Series A
Zwift, which works in virtual cycling and running platform development in Long Beach, raised $27M in a Series A round announced on 16 Nov 2016, led by Novator Partners and Novotor. 5 firms took part, with 1 individual investor. It is Zwift's second venture round on record; the one before was a Pre-seed in Sep 2014.
$27M
Amount raised
Not disclosed
Post-money valuation
5
Investors
2 leads
Valuation
What this round says about the price
Zwift did not disclose a valuation in this round. It came 26 months after Zwift's Pre-seed. It is 4.5% of the $604M Zwift has raised in the venture rounds on record. Zwift raised again 25 months later: a Series B round of $120M in Dec 2018. Its next priced round, a Series C in Sep 2020, valued it at $1.00B.
Investors
Who put money in
Novator Partners and Novotor led the round with 3 other firms.
Lead investors
- Novator Partners new investor
- Novotor
Also in the round
- Shasta Ventures new investor
- Waypoint Capital new investor
- Samchuly Co. new investor
Individual investors: Max Levchin.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
541 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $7.0M, and this round was 3.9 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 30 Nov 2016 | $22M | not disclosed | Drive Capital |
| Tech Companies | 18 Nov 2016 | $20M | not disclosed | WisdomTree |
| Tech Companies | 3 Nov 2016 | $16M | not disclosed | Goldman Sachs and Pivot Investment Partners |
| Tech Companies | 15 Nov 2016 | $15M | not disclosed | not named |
| Tech Companies | 9 Nov 2016 | $14M | not disclosed | Formation 8 |
| Tech Companies | 16 Nov 2016 | $13M | not disclosed | Mayfield and Norwest |
| Tech Companies | 3 Nov 2016 | $12M | not disclosed | Shasta Ventures |
| Tech Companies | 1 Nov 2016 | $10M | not disclosed | Canaan and G20 Ventures |
Sources
Where this comes from
Reported by 3 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Zwift raise in its Series A round?
Zwift raised $27M in its Series A round, announced in Nov 2016.
Who led Zwift's Series A round?
Novator Partners and Novotor led it, with Shasta Ventures, Waypoint Capital and Samchuly Co..
What was Zwift's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
541 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $7.0M, and this round was 3.9 times the median.
Did Zwift raise again after this round?
Yes: a Series B round in Dec 2018 of $120M.