Fitness tech firm Myzone valued at £75m following almost £13m of investment

An East Midlands firm which makes health monitoring know-how has been valued at round £75 million following almost £13 million of investment. Myzone makes wearable health screens which rely energy and observe coronary heart charges and exercise regimes, which, it says, are utilized in greater than 9,000 well being golf equipment in 84 completely different international locations. Users can use the Myzone app to compete towards one another and progress up a leaderboard – with the know-how rewarding effort fairly than health, motivating customers to work tougher. The app will also be used to attach with fellow exercisers, analyse exercises, and let folks “like” or touch upon the efforts of others. Based in Nottingham, the enterprise has workplaces in Chicago, Queensland and the Isle of Man, and has bought a reported 2 million units because it was launched by health trade skilled Dave Wright in 2011. Originally from Australia, Mr Wright labored as a private coach the place he met his now spouse, Adrienne, earlier than transferring to the UK to start out a brand new life collectively. He arrange gyms resembling FeelGood Fitness in Grantham, in addition to a well being and health advertising firm which inspired folks to enroll to gyms. Myzone was born to assist hold folks motivated within the fitness center and to get them to train all 12 months spherical. A proportion of the investment has come from UK development capital investor BGF, which over the previous decade has put £3 billion into greater than 460 corporations. Tech entrepreneur Vin Murria OBE – the British founder of Advanced Computer Software plc – has additionally invested within the enterprise and joined it as non-executive chair. Mr Wright, who’s the Myzone managing director, stated the deal valued his enterprise at $102 million. He stated the tech was now utilized in some of the most important well being golf equipment around the globe and has additionally damaged into new markets resembling elite sports activities groups, hospitals, colleges and universities. He stated: “We have been in a really lucky place in that we’ve grown organically so far, with out the necessity for exterior capital. “We wanted an skilled associate that would speed up our development plans. “We are significantly delighted that Vin Murria OBE has additionally determined to put money into the corporate. “Vin is a visionary chief within the know-how world and has constructed quite a few tech companies. In 2018, she was awarded The Order of the British Empire for companies to the British digital economic system, in addition to for advancing ladies within the software program sector.” The investment comes on the again of the 2021 launch of Myzone MZ-Switch – stated to be the world’s first interchangeable coronary heart fee monitor which may be worn on the chest, arm or wrist. Mr Wright stated: “Launching the MZ-Switch opened up new markets for us. “It is now a perfect answer for a company and faculty atmosphere, and our partnership with BGF and Vin will assist drive these new markets along with constructing on our longstanding assist of the normal health trade.” Seb Saywood, Aaron Baker and Dave Bellis led the deal for BGF, which invested greater than £100 million in tech companies in 2021. Mr Saywood stated: “Myzone is a trail-blazer within the ever-growing well being and wellbeing sector. “We have been impressed by its distinctive enterprise mannequin, scalability, presence within the market and excellent senior administration group. “We are very excited to be backing a world class group, with Vin Murria becoming a member of as chair. “Myzone is a extremely scalable enterprise that has confirmed itself the worldwide market chief in its area and we sit up for the additional development this partnership can deliver.” BGF acts as a minority, non-controlling fairness associate in rising companies within the UK and Ireland. Its investment in Myzone comes from its just lately launched UK Enterprise Fund (UKEF) established alongside Coutts, the non-public banking arm of NatWest, to supply purchasers with entry to privately held, disruptive and numerous corporations that are revolutionising their industries. WLG Gowling, BDO and Keystone suggested the assorted events.
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