Fitness tech company Myzone hits $ 102 million valuation after new investment
Myzone, the global manufacturer of wearable fitness tracking technologies, today announced it has secured a US $ 17.2 million investment from BGF, the UK’s most active growth capital investor.
Coinciding with the announcement of the investment, renowned tech entrepreneur Vin Murria has joined the company as non-executive chairman.
Established in 2011 by fitness industry expert Dave Wright, Myzone has experienced impressive growth since its inception and currently serves over 9,000 facilities in 84 different countries, with over two million devices shipped.
Designed to engage and motivate people to be more physically active, Myzone is used in many of the world’s largest fitness clubs and has entered new markets such as elite sports teams, hospitals, schools, universities and the business sector.
BGF investor Seb Saywood said: “Myzone is a pioneer in the growing health and wellness industry.
“We were impressed with its unique business model, scalability, market presence and exceptional leadership team. “
Explaining that Myzone chose BGF because of his experience in supporting fast growing businesses, Myzone Managing Director Phil Whittam said, “We have been in a very lucky position as we have grown so far. organic to date, without the need for external capital. We needed an experienced partner who could accelerate our growth plans.
“We are particularly delighted that Vin Murria OBE has also decided to invest in the company. Vin is a visionary leader in the tech world and has created many tech companies. In 2018, she was awarded the Order of the British Empire (OBE) for service to the UK digital economy, as well as for the advancement of women in the software industry.
This news follows the successful launch of the Myzone MZ-Switch – the world’s first interchangeable heart rate monitor with chest, arm and wrist options – in 2021.
Whittam added, “The launch of the MZ-Switch has opened up new markets for us.
“It is now an ideal solution for a corporate and school environment, and our partnership with BGF and Vin will help stimulate these new markets in addition to building on our long-standing support for the traditional fitness industry. “
BGF has invested over £ 100million (US $ 135million / AU $ 188million) in technology companies in 2021 and has announced seven successful exits in the industry this year.
November 22, 2021 – Summit to showcase how technology adoption will drive the renaissance of aquatic, fitness and recreation facilities
September 29, 2021 – Myzone appoints new Global Head of Product
August 4, 2021 – Myzone joins forces with WIFA’s Run the World campaign
May 22, 2021 – Myzone recognized as Tech Company of the Year at the APAC Fitness and Wellness Awards of Excellence
April 21, 2021 – Myzone launches MZ Switch mobile heart rate monitor
March 22, 2021 – Life Fitness integrates with Myzone to further improve the connected fitness experience
February 19, 2021 – Les Mills Asia Pacific and Myzone Partner to Offer Integrated Solution to Drive User Engagement
February 8, 2021 – Myzone shares strategies for gym owners to push their clubs above the competition
July 31, 2020 – Myzone announces management restructuring for the post-Coronavirus operation
July 8, 2020 – Evolt and MyZone team up to offer seamless technological integration
April 8, 2020 – The Myzone Global challenge helps with physical motivation
April 1, 2020 – Myzone launches a global challenge with incentive prizes
February 2, 2019 – World Gym and Myzone team up to launch World Gym Athletics program in Australia
December 5, 2018 – Myzone launches a new course booking feature
October 24, 2018 – Anytime Fitness partnership aims to make Myzone the most portable activity technology
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