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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Indoor cycling platform Zwift raises $450 million

Dan Primack, author of Pro Rata

Illustration: Annelise Capossela/Axios

Zwift, a Long Beach, Calif.-based indoor cycling and running platform, raised $450 million led by KKR at a valuation north of $1 billion.

Why it matters: This round puts a punctuation mark on what has been a huge week for the connected fitness space. First, Peloton reported blowout numbers and new hardware. Then, Apple announced its own fitness content subscription product tied to watches, followed by in-person spin class company Flywheel filing for bankruptcy protection.

  • Other investors included Permira, Specialized Bicycle, and return backers Highland Europe, Novator, and Causeway Media.

The bottom line: "Zwift uses what it calls an 'immersive and seamless' experience that motivates users with fitness games and events like a virtual Tour de France. That means bringing the outdoor experience of running or cycling indoors, just as Peloton does. But the company goes further by immersing users in 3D computer-generated worlds," GamesBeat' Dean Takahashi reports.

Go deeper

Axios
Dec 15, 2020 - Axios Events

Long Beach mayor: It's "critical" gyms stick around

Axios' Kendall Baker and Long Beach City Mayor Robert Garcia (R). Photo: Axios

Long Beach, California has created a $5 million fund in order to dole out thousands of dollars in grants to gyms and other personal care businesses that are struggling during the coronavirus pandemic, Mayor Robert Garcia said at an Axios virtual event on Tuesday.

Why it matters: "It's critical that we support them. We don't want to lose this critical piece of our economy," Garcia said, adding that many gyms in the area are small businesses that have "been hardly hit by this pandemic."

Go deeper (1 min. read)Arrow
Jonathan Swan
3 hours ago - Politics & Policy

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Go deeper (3 min. read)Arrow
Axios
Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines — "Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode again — Fed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Go deeper (1 min. read)Arrow

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