Wheel of fortune
With $620 million in recently secured capital from the likes of KKR and Permira Holdings, the at-home cycling fitness app, Zwift, is looking to step it up a gear in 2023.With a market valuation now in excess of $1billion, Zwift is hoping to move through the peloton to the head of the race, using the investment to push towards 10 million subscribers and steal a march on its rival, Peloton. The end goal is to achieve a public listing. It goes to show that with the power of PE capital, there are still plenty of innovative companies to get behind and push them over the finish line. No doubt the Zwift team will be spraying plenty of champagne if they hit their subscription target!
