Cash Flow: Zwift Lands $450M, Flywheel Files For Bankruptcy, Bulletproof Banks $13M

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The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.

Zwift lands $450m investment for digital fitness platform

Zwift, a global online fitness platform for cyclists and runners, has raised $450m led by investment firm KKR, accompanied by other new investors Permira, Zone 5 Ventures and the Amazon Alexa Fund.

The investment will be used to accelerate the development of Zwift’s core software platform and bring Zwift-designed hardware to market, making Zwift a more immersive and seamless experience for users.

At-home fitness concept Tonal lands another $110m

Tonal, which claims to be the world’s most intelligent fitness system, has raised another $110m as investment continues to pour into the at-home fitness space.

The round, which featured participation from L Catterton, Delta-v Capital, Amazon’s Alexa Fund and Mousse Partners, along with a host of athletes including Stephen Curry, brings the company’s total funding up to $200m.

Therabody secures another high-profile backer

Therabody, maker of percussive massage therapy devices, has welcomed professional American Football player and businessman DeAndre Hopkins to the company as its newest investor and athlete brand ambassador.  

Hopkins joins a highly curated group of elite professional athletes who tout the countless performance and recovery benefits that Theragun offers. Most recently, the company announced that tennis champion Maria Sharapova joined Therabody as an investor and Strategic Advisor. 

Bulletproof 360 Banks $13m to fuel growth

Bulletproof 360, the lifestyle company widely known for the popular Bulletproof Coffee and leading science-based content, food and beverage product lines has raised $13m from investors including Beliv, Rocana Ventures, CAVU Venture Partners and Trinity Ventures.

Bulletproof plans to use the funding to expand its omnichannel presence and expand product offerings in both new and existing categories.

The company, founded in 2014 by tech veteran Dave Asprey, has raised more than $80m to date.

Hungry Harvest closes $13.7m funding round

Hungry Harvest, a startup delivering produce that would otherwise go to waste, has closed a $13.7m funding round led by Creadev with participation from existing and new investors, including Danone Manifesto Ventures, Quadia and Maywic Select Investments.

With a focus on strategically executing its product roadmap, the brand plans to use the additional funding and experience to enhance customer experience, scale its social mission, and continue its efforts to make the business model even more sustainable. 

Flywheel files for bankruptcy

Soulcycle competitor Flywheel has filed for bankruptcy, as it readies the closure of all 42 of its studios in the US, according to court documents filed earlier this week.

The ten-year-old company, which was feeling the strain long before COVID-19, joins Gold’s Gym, 24 Hour Fitness, and YogaWorks — all of which have filed for bankruptcy in recent months.

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