Fitness tech company Myzone hits $102m valuation after BGF investment

We are proud and excited to announce that Myzone, global manufacturer of wearable fitness tracking technology, has secured a $17.2 million investment from BGF, the UK’s most active growth capital investor. In addition, renowned tech entrepreneur Vin Murria OBE also joins the team as Non-Executive Chair.

The next generation of wearable tech.

Created in 2011 by fitness industry expert Dave Wright, Myzone has experienced impressive growth since inception and currently serves over 9000 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.

Supporting fast growing businesses.

“Myzone is a trail-blazer in the ever-growing health and wellbeing sector,” says BGF investor Seb Saywood. “We have been impressed by its unique business model, scalability, presence in the marketplace and outstanding senior management team.”

Myzone chose BGF due to its experience supporting fast growing businesses. Phil Whittam, Myzone Managing Director 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.”

Unlocking new markets in physical activity.

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.

“Launching the MZ-Switch opened up new markets for us,” Whittam continues. “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.”

Backing a world class team.

BGF has invested more than £100 million in tech businesses in 2021 and announced seven successful exits in the sector this year. Of the over £500 million invested in tech businesses to date, 70% has been deployed outside of London and the South-East.

The deal was led by Seb Saywood, Aaron Baker and Dave Bellis, from BGF.

Saywood added: “We are very excited to be backing a world class team, with Vin Murria joining as Chair. Myzone is a highly scalable business that has proven itself the global market leader in its space and we look forward to the further growth this partnership can bring.”

The advisors to the transaction were:

• BGF legals: WLG Gowling
• BGF tax: BDO
• Management legals: Keystone

About BGF.

• BGF was set up in 2011 and has invested £3bn in more than 460 companies, making it the most active investor in the UK.
• BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
• BGF invests in growing businesses in the UK and Ireland through its network of 16 offices.
• BGF models have now been set up in Canada and Australia, with other countries evaluating the opportunity to replicate this.
• Part of BGF’s investment in Myzone comes from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that are revolutionising their industries.

For more information visit www.bgf.co.uk or follow @BGFinvestments.

To find out more about Myzone, its gym partners and products, visit Myzone.org