Sidley Austin said it advised KKR & Co. on the $450 million investment round it led for Zwift, an online fitness program for cyclists and runners that has surged amidst Covid-19 shutdowns and health fears.
London and Long Beach, Calif.-based Zwift said its platform lets users interact, train, and compete together by wirelessly pairing a bike trainer or treadmill to the Zwift app. Since launching in 2015, Zwift has seen over 2.5 million accounts registered across 190 countries, it said.
Zwift was co-founded by former JPMorgan Chase & Co. investment banker Eric Min.
The company said it plans to use the investment to speed development of its core, subscription-based software platform and to launch its own indoor bike and hardware.
It said other new investors joining the round included private equity firm Permira, Zone 5 Ventures, and the Amazon Alexa Fund.
Bloomberg News reported, citing two people familiar with the matter, that with the new investment, Zwift is now valued at over $1 billion.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York copfer@bloomberglaw.com Rebekah Mintzer in New York at rmintzer@bloomberglaw.com
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