Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Zwift, an app that lets cyclists compete and interact with each other in a virtual world, has raised $120 million to fund an expansion into esports.
The Series B investment — the second major round of funding for a start-up — was led by venture capital firm Highland Europe, whose portfolio includes Huel, WeTransfer and eGym.
Founded in 2014 by trader-turned-CEO Eric Min, alongside co-creators Jon Mayfield, Scott Barger and Alarik Myrin, the firm has so far gained 1 million registered users and raised a total of $166 million in capital from investors.
"I started my career on Wall Street," Min told CNBC in an interview. He went from a vice president role at J.P. Morgan to starting his own trading platform, Sakonnet Technology, before travelling to London and deciding to set up Zwift.
"This idea sort of mixes what I've been doing in my profession and my passion, which is cycling," he said. Cycling is the dominant form of fitness training on Zwift's platform, its boss said, with running being an emerging area of focus.
To use Zwift's platform, users first need a stationary bike or a treadmill. The app hooks up to a smart trainer and sensors to communicate how fast a user is riding or running and whether they are travelling uphill.
As the company takes on esports, an industry projected to grow to $905.6 million in revenue this year by market research firm NewZoo, Zwift is signing deals with cycling federations like British Cycling and Cycling Australia to provide its technology for national championships.
"There isn't a single stakeholder within the industry of cycling that we have not spoken to or already have partnerships with," Min said. "There are probably four or five other federations that are waiting in the wings."
It has ambitions for a professional cycling series, and last week announced the KISS Super League, its first pro cycling league with teams including Bradley Wiggins' Team Wiggins and Axel Merckx's Hagens Berman Axeon.
"I think we've got an opportunity to bring real athletes to a digital platform and no one has ever done that," Min said. "Establishing it as a legitimate sport is something we have aspirations of doing."
He added: "I don't think getting into the Olympics is out of the realm, it's something we've been discussing internally for a couple of years already."
According to Zwift's chief, it costs roughly £300 ($380) to buy the basic kit required to get started with the app. He wants Zwift to evolve into "the most affordable, accessible sport there is."
The company declined to comment on its valuation following the latest round of funding. But Min recognized the swelling size of the investment.
"I think this opportunity is huge," he said. "I think the investors share that view."
He added that the size of the latest round reflected "the amount of investment that's required to build this platform," adding, "for us it's all about investing in growth."
Min said it wasn't the first time the firm had received a sizable amount of funding. It raised $7 million in a friends and family round, $10 million in an angel round and $27 million for its first major funding round.