Zwift has finished a Series B funding round, raising $120 million.
Venture capital firm Highland Europe led the funding effort, adding Zwift to a portfolio which includes Huel, eGym, and Malwarebytes.
Highland Europe’s Tony Zappala said: “It’s a highly scalable business and we’ve been impressed with how they have already managed to expand globally – already 70 per cent of current subscribers are from outside the USA.
“Research points to an audience of 40 million competitive and enthusiast cyclists, and many of those lie in the traditional cycling nations of Central Europe, so in this market alone there is huge growth potential.”
Additional investors include True, owner of Ribble, and Causeway Media, an investment group who has said it is “investing in the teams who are transforming sports media and sports technology.”
Zwift CEO and co-founder Eric Min said: “I think this opportunity is huge. I think the investors share that view.”
Earlier this month, Zwift was unveiled as the Official Training Community of British Cycling, as part of a two-year deal.
The partnership will also include the national governing body’s own national-level virtual reality event using Zwift, the inaugural British Cycling e-Racing Championships.