VR Cycling Startup Zwift Makes Esports Push With $120 Million Raise
Zwift, an online cycling virtual reality gaming platform, recently closed a $120 million fundraising round as it gears to launch its own esports cycling league and propel e-racing into the Olympics.
According to a recent report in Bicycling, the company claims to have at least 1 million people currently signed up for its service, which offers both cyclists and runners the ability to participate in a VR-driven exercise competition.
“We’re creating an entirely new category of sports,” Zwift CEO and co-founder Eric Min said. Zwift recently announced the creation of the KISS Super League, with four real-world men’s pro teams that are slated to launch on January 23.
With the injection of capital, Zwift plans to expand into new disciplines, including rowing, and officially launch their series of esports tournaments, including a women’s league. Additionally, Zwift hopes to spearhead the effort to bring e-racing to the Olympic games.
“[E-racing] ticks all the boxes that the Olympics want. It’s real athletes, in a digital sport, to reach a new audience that skews younger. We are the bridge between traditional athletic sports and a new digital age,” added Min.