Cycling Startup Zwift Passes $1 Billion Value After Fund Raising

Zwift, a startup that hosts virtual-reality cycle races, has raised $450 million from investors including private equity firm KKR & Co. in a funding round that will allow it to introduce its own indoor bike and other hardware.

The investment values the London and Long Beach, California-based company at more than $1 billion, two people familiar with the matter said, asking not to be identified because the terms are private. Zwift will also use the cash to build out its core software platform and increase headcount, the company said in a statement Wednesday. A spokesperson for the company declined ...