Catering to endurance athletes, innovative hardware and software providers are tapping into a growing market.
Image: Wahoo Fitness
Peloton may have pioneered connected fitness, but there’s more to indoor cycling than instructor-led, boutique-style content.
Catering to endurance athletes, innovative hardware and software providers are tapping into a growing market.
In 2020, cyclists on Strava logged 8.1B miles globally.
The global bicycle market is expected to reach $92.5B by 2028.
The average annual household income for IRONMAN participants is $247K.
Leading the pack, Zwift has raised $620M in funding. Popular with serious cyclists, including many professional riders, members use their own bike and an indoor trainer to compete in virtual races on Zwift’s video game-like platform.
Next up? As Zwift CEO Eric Min told us on the Fitt Insider podcast, the company plans to release its own hardware, including a smart bike. Another key initiative, Min hopes to make virtual racing an Olympic sport.
Taking aim at indoor cycling, competitors are raising capital to seize the opportunity.
Last week, virtual cycling platform ROUVY landed $6M in funding.
In July, endurance tech company Wahoo Fitness secured a “significant” investment.
In June, Velocity raised $3.4M for its virtual cycling app.
Last fall, smart bike maker Wattbike added a $15M investment.
Be on the lookout: Despite only having launched in December 2019, virtual training app RGT Cycling has amassed a loyal following while drawing comparisons to Zwift.
Looking ahead: From personalized apps like The Breakaway and TrainerRoad to Hammerhead’s high-tech bike computers, cycling—and the broader endurance economy—is fertile ground for founders and investors alike.
We break down how fitness, wellness, and healthcare are converging — and what it means for business, culture, and capital.
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