Zwift Raises $120 Million for E-Sports Expansion

Online cycling game app Zwift raised $120 million in Series B fundraising, as reported by cable business news network CNBC.

It’s the second round of financing by the app which was launched in 2014. The investors in this round was lead by Highland Europe. It’s valuation was not disclosed. Zwift plans to use its new windfall to expand into E-Sports.

Zwift, which allows cyclists to compete and interact with each other while they play in the virtual world, was founded by Eric Min, Jon Mayfield, Alarik Myrin and Scott Barger. Min told CNBC in a recent interview that Zwift merges his dual passions, cycling and investing.

“I started my career on Wall Street,” said the former VP at J.P Morgan who also owned his own trading platform before forming Zwift. “This Idea soft of mixes what I’ve been doing in my profession and my passion, which is cycling.”

Zwift currently has one million registered users, and has raised 166 million in investment from funders.

Photo credit: Pixabay.

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