Fitness technology company Myzone reaches US$102 million valuation after new investment

January 10, 2022

Myzone, the global manufacturer of wearable fitness tracking technology, has today announced that it has secured a US$17.2 million investment from BGF, the UK’s most active growth capital investor.

Coinciding with the investment announcement, renowned technology entrepreneur Vin Murria, has joined the company joins as Non-Executive Chair.

Created in 2011 by fitness industry expert Dave Wright, Myzone has experienced impressive growth since inception and currently serves over 9,000 facilities in 84 different countries, boasting over two million shipped devices.

Designed to engage and motivate people to be more physically active, Myzone is used in many of the largest health clubs around the world and has broken into new markets such as elite sports teams, hospitals, schools, universities and the corporate sector.

BGF investor Seb Saywood stated “Myzone is a trail-blazer in the ever-growing health and wellbeing sector.

“We have been impressed by its unique business model, scalability, presence in the marketplace and outstanding senior management team.”

Explaining that Myzone chose BGF due to its experience supporting fast growing businesses, Myzone Managing Director, Phil Whittam commented “we have been in a very fortunate position in that we have grown organically to date, without the need for external capital. We needed an experienced partner that 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 technology world and has built numerous tech businesses. In 2018, she was awarded The Order of the British Empire (OBE) for services to the British digital economy, as well as for advancing women in the software sector.”

This news comes on the back of 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 “launching the MZ-Switch 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 drive these new markets in addition to building on our longstanding support of the traditional fitness industry.”

BGF has invested more than £100 million (US$135 million/AU$188 million) in technology businesses in 2021 and announced seven successful exits in the sector this year.

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