Funding round
Zwift Series C
Zwift, which works in virtual cycling and running platform development in Long Beach, raised $450M in a Series C round announced on 16 Sep 2020, led by KKR, at a $1.00B post-money valuation. 9 firms took part, 5 of them already investors. It is Zwift's fourth venture round on record; the one before was a Series B in Dec 2018.
$450M
Amount raised
$1.00B
Post-money valuation
$550M pre-money
9
Investors
1 lead
45%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Zwift at $1.00B after the new money. The $450M bought investors about 45% of the company. It came 21 months after Zwift's Series B. It is 75% of the $604M Zwift has raised in the venture rounds on record. No later venture round is on record for Zwift.
Investors
Who put money in
KKR led the round with 8 other firms. KKR, True, Highland Europe and Novator and 1 more had backed Zwift before.
Lead investor
- KKR backs 104 venture-backed companies existing investor
Also in the round
- backs 21 venture-backed companies new investor
- Specialized Bicycle Components’ venture capital fund new investor
- Zone 5 Ventures new investor
- Amazon Alexa Fund new investor
- backs 24 venture-backed companies existing investor
- backs 45 venture-backed companies existing investor
- Novator existing investor
- backs 12 venture-backed companies existing investor
Joined the board: Ilkka Paananen (Supercell) and Stephen Shanley (KKR).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
389 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 9.0 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Biofourmis Tech Companies | 3 Sep 2020 | $100M | not disclosed | SoftBank Vision Fund |
| Tech Companies | 21 Sep 2020 | $90M | not disclosed | SIG and RTP Global |
| ApplyBoard Tech Companies | 16 Sep 2020 | $55M | $1.40B | not named |
| Tech Companies | 30 Sep 2020 | $50M | not disclosed | LEGO Ventures and Sesame Workshop |
| Tech Companies | 14 Sep 2020 | $40M | not disclosed | Insight Partners |
| Tech Companies | 23 Sep 2020 | $23M | not disclosed | Iron Pillar |
| Tech Companies | 15 Sep 2020 | $12M | not disclosed | Allegis Capital and Signal Peak Ventures |
| Tech Companies | 6 Oct 2020 | $207M | $2.00B | BlackRock |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Zwift raise in its Series C round?
Zwift raised $450M in its Series C round, announced in Sep 2020.
Who led Zwift's Series C round?
KKR led it, with Permira, Specialized Bicycle Components’ venture capital fund, Zone 5 Ventures, Amazon Alexa Fund and True and 3 more.
What was Zwift's valuation at the Series C round?
$1.00B post-money ($550M pre-money).
How does it compare with other Series C rounds in Tech Companies?
389 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 9.0 times the median.