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Zwift lands $27 million in venture funding

Published November 17, 2016
Among the new investors are a Korean bike maker and the co-founder of PayPal.

LONG BEACH, Calif. (BRAIN) — Zwift, the maker of an online cycling platform, has raised an additional $27 million in venture capital funding, according to

The company’s first round (or “Series A”) of venture capital funding includes five investors led by Novotor, a London-based investment firm. Also investing was Max Levchin, the co-founder and former CTO of PayPal and a former chairman of Yelp. The others were the California investment firm Shasta Ventures, the Swiss investment firm Waypoint Capital and Samchuly Co., a Korean bike maker that had sales of about $100 million last year.

According to an article last month in TechCrunch, Zwift plans to use the new funding for product development.

The Japanese gaming company Colopl announced earlier this year that it had invested an undisclosed amount in Zwift.

Zwift was founded by Eric Min, Alarik Myrin, Jon Mayfield and Scott Barger. It claims to have registered about 200,000 users and is expecting more growth when it publicly releases an iOS version soon. A beta iOS version has been available for several months.

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