(Reuters) - Popular online fitness training platform Zwift raised $450 million in a new investment round led by U.S. private equity firm KKR & Co Inc KKR.N, the company said on Wednesday.
The latest investment values the California-based company at more than $1 billion, a person familiar with the matter told Reuters, who declined to be identified as the information was not public.
Zwift, which is geared to running and cycling enthusiasts, said it will not be disclosing details on its valuation.
The investment will be used to develop its core software platform and increase headcount, the company said.
Private equity firm Permira, Amazon Alexa Fund, and Specialized Bicycle Components’ venture capital fund, Zone 5 Ventures, were also investors in the recent funding round.