Zwift, a digital platform for helping runners and cyclists train, raised $450 million in the ever-competitive digital fitness space. The bulk of this funding will help Zwift build and bring their software and hardware to the market. The entire Zwift platform is built to help motivate people through virtual events like the Tour de France and bring classical outdoor athletic events such as biking and running, indoors with immersive, 3-D worlds. Timing is everything. This announcement came just a day following Apple’s announcement of their Fitness+ program.
🚲 Peloton Aims for 100M Subscribers | Via: CNBC
In September, Peloton delivered earnings that were far better than expected including $607.1 million in revenue and sales growing 172 percent. Their success in the current quarter can be attributed to growing market penetration. CEO John Foley’s goal: 100 million paying subscribers.
“100 million subscribers, we believe is a reasonable goal,” Foley said during Peloton’s first investor meeting as a public company. “There’s close to 200 million gym-goers in the world. That’s 200 million people paying hard money, month after month, to access what we believe to be inferior fitness equipment in an inferior location.”
Most recently, they debuted a new bike, Bike+ and a treadmill.
💰 Peloton Competitor Raise Big Money | Via: Bloomberg
Icon Health & Fitness, owner of the NordicTrack, ProForm and Freemotion brands as well as streaming platform iFit, raised $200 million in its latest funding round, led by early Peloton backer L Catterton. NordicTrack and ProForm both make connected stationary exercise bikes at a lower price point than Peloton. The new raise values Icon at more than $7 billion and is likely a signal of a forthcoming IPO. “Health and fitness have never been more important to consumers globally, and we are seeing explosive growth across our subscription software and fitness equipment businesses,” Icon founder and Chief Executive Officer Scott Watterson said in a statement. “We saw this fast-growing demand going into 2020, and this has accelerated sharply as people’s desire to stay healthy has intensified.”
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🛣 We’re Hitting The Road! And, A Webinar!
Check us out as we make appearances at these events in the coming weeks:
#Hashtag Sports 2020
October 20-22, New York City
Join 1,200 media and marketing professionals along with hundreds of athletes, content creators and CMOs to talk about how the future of sports media will shape the fan experience and be sure to check out panel:
“How Startup Innovation is Revolutionizing Fan Engagement”
The way fans consume sports is changing – from live to streaming and back again. With an increasing demand for multichannel entertainment and more personalized interactions with teams and players, fans are getting closer to the action and real-time engagement before and after sporting events. As startups build the next generation of tech, sports brands are looking to bring their fan base new and exciting ways to connect.
Join us to discuss what it takes to bring ideas to the playing field. Hear from startup founder and CEO, Josh Bryant of Fangage, as well as serial startup founder and investor, Jose Vieitez, from Comcast SportsTech. Moderated by Jenna Kurath, VP of Startup Partner Development, Comcast.
Back on Track: The Transition from NASCAR iRacing to Live Racing
Wednesday, Oct 28th at 4 PM ET/ 2 PM MT
Startup Week Atlanta – November 9-13, 2020, Atlanta
Right in The Farm’s own backyard, Atlanta Startup Week will be a celebration of everything that makes startups and innovation so exciting.
We hope to see you at these or other events. Let us know if there are any amazing sports tech events that you’re going to and we’ll do our best to join.