True invests in Zwift.
True has announced its investment in Zwift, the multiplayer online training and racing platform for cyclists and runners: a business that True believes has the potential to transform the indoor fitness market.
True’s investment forms part of a $120m fundraising round, in which it has partnered with leading venture capitalist investor Highland Europe and strategic investor Causeway Media, which have a number of assets in both traditional sports and esports. Born out of the desire to create an indoor exercise option that was effective, social and engaging, the Zwift App enables users to ride or run with friends from all over the globe, complete structured workouts, and participate in group events in several virtual environments.
“With this significant investment, led by Highland Europe, Zwift is now more than ready to propel the business forward by providing innovative offerings that are greater in breadth and depth for cyclists and runners alike,” said Eric Min, Co-founder & CEO of Zwift. “In 2018, more than one third of the Tour de France peloton were Zwifters. With that support already in place, we are in the unique position of being able to combine affordable physical endeavour with video gaming technology, ultimately setting the stage for us to become the first true esport of its kind.”
“This investment allows Zwift to present an even more advanced offering to a growing audience of cyclists and runners in need of new ways to train and remain active indoors,” said Paul Cocker, Co-founder of True. “As with the wider retail industry, the fitness industry is evolving rapidly, and we firmly believe that Zwift will be at the forefront of that evolution.”
“Zwift has transformed the way the professional peloton trains.” adds Mark Cavendish, 2011 World Champion and 30-time Tour de France stage winner. “Before Zwift, there is no way I would have chosen to ride an indoor trainer. Now though, I genuinely enjoy it – it appeals to the gamer in me. Riders like myself are genuinely fitter now, thanks to Zwift.”
Logging more than 410 million virtual miles, more than one million people have created accounts on the Zwift platform to date, with greater expansion across markets to come. Earlier this year, the business also introduced Zwift Run and Zwift RunPod, a Bluetooth-enabled device that breathes life into any treadmill, at home or in the gym, syncing seamlessly with Zwift and transmitting data, relaying speed in game. On the back of this raise, Zwift is now ready to further innovate the indoor running experience.
The Series B round was led by Highland Europe whose investments include eGym, Huel, WeTransfer and Malwarebytes – alongside True; Causeway Media, and returning investor Novator.
Read more about our investment in Zwift here.