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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

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."

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.

Updated 1 hour ago - World

U.S. threatens to cut aid to Sudan after military takeover

Sudanese Prime Minister Abdallah Hamdok during a 2020 news conference in Khartoum, Sudan. Photo: Mahmoud Hjaj/Anadolu Agency via Getty Images

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were detained Monday in what appears to be a military coup in the country, per local reports.

The latest: The head of the military faction of the Sudanese government, Gen. Abdul Fattah al-Burhan, said in a statement that he is announcing a state of emergency, suspending several parts of the interim constitution and dissolving the civilian government and interim sovereignty council — the highest governing body in the country.

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