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.
