January 10, 2022—Myzone, the global manufacturer of wearable fitness tracking technology, has secured a $17.2 million investment from BGF, the UK’s most active growth capital investor, alongside renowned tech entrepreneur Vin Murria OBE, who also 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.
“Myzone is a trail-blazer in the ever-growing health and well-being sector,” said 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.”
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 continued. “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 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
- 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.
- www.bgf.co.uk / Social media: @BGFinvestments
Myzone develops accurate wearable technology to provide engaging and motivational experiences, which support behavioural change to make exercise habits stick. Myzone is used by over two million people and is already represented in over 9,000 facilities in 84 countries.
The most accurate calorie cruncher on the market – The chest strap boasts a heart rate accuracy of 99.4% ECG and the wrist/forearm strap a 95% PPG accuracy and in conjunction with personal body metrics, it ensures calorie-burning calculations are accurate and personal to individuals in your community.
It encourages like a personal trainer – Unlike other activity monitors Myzone rewards effort not fitness, motivating everyone to work harder. Myzone recognises everyone is different, so it uses a handicap system for every user based on their maximum heart rate, which effectively means members can compete with anyone on a level playing field.
It’s a multiplayer game – Myzone is massively addictive, challenging and motivating. Use the app to create competitions with friends or plot your progress on the leader board as Myzone turns effort into points, and then equates them to the World Health Organization’s guidelines for physical activity.
It’s the social network for physical activity – Myzone has its own social media network. Use it to connect with fellow exercisers, analyse workouts, then ‘like’ or comment on their efforts to stay connected - whether you are competitive or love collecting those likes to keep you moving. Together we are stronger, with the unbeatable connected experience.