Zwift Adds Twitter’s Pichette, Lululemon’s Burgoyne to Board
Zwift Names Twitter’s Pichette, Lululemon’s Burgoyne to Board
(Bloomberg) -- Zwift, an online fitness platform best known for hosting virtual cycling races, has named Patrick Pichette and Celeste Burgoyne to its board.
Pichette, currently Twitter Inc.’s chairman, is a partner at Inovia Capital, a venture fund that has invested in Zwift. Last March, Pichette -- formerly Google’s chief financial officer-- posted on Twitter that he’d joined Zwift “to stay safe during these trying times.”
Burgoyne is Lululemon Athletica Inc.’s first president, overseeing customer-facing aspects of the North American business, including stores and e-commerce. She is also a Zwift user.
“Zwift is at the beginning of a new chapter as it develops the hardware to complement its software platform to provide a fully integrated at-home fitness experience,” Burgoyne said in a statement, referencing the company’s plans to develop fitness equipment including its own indoor bike.
The company plans to launch its equipment portfolio in 2022, CEO Eric Min said in an interview. “I wish we had it yesterday, we’re going as fast as we can.”
Long Beach, California-based Zwift last year raised $450 million from investors including KKR & Co. that elevated its valuation above $1 billion, granting it so-called unicorn status. A public markets debut is planned although timing hasn’t been decided, said Min, who wants users to have access to its stock.
Companies like Zwift and larger rival Peloton Interactive Inc. are benefiting from a boom in at-home workouts as the coronavirus pandemic curbs gym attendance and forces more people inside. The company last year hosted a virtual Tour de France race for professional cyclists, and its technology connects with bike trainers, treadmills and other equipment, enabling users to compete against each other.
“What Covid has done for us, like many digital businesses, is accelerate adoption,” said Min, noting that Zwift will have more than doubled its membership base across more than 200 countries in the 12 months through March 31, the end of its fiscal year. When the pandemic is in the rear-view mirror, he expects ongoing engagement.
“More and more people will be working from home for part of their week which is perfect for at-home fitness,” he said.
©2021 Bloomberg L.P.