Health tech agency Myzone valued at £75m following nearly £13m of funding

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An East Midlands company that makes fitness monitoring technology was valued at around £ 75 million after investing nearly £ 13 million.

Myzone makes portable fitness monitors that count calories and record heart rates and exercise programs, which are reportedly used in more than 9,000 health clubs in 84 different countries.

Users can use the Myzone app to compete against each other and climb the leaderboard – with technology rewarding effort rather than fitness and motivating users to work harder.

The app can also be used to connect with other exercisers, analyze workouts, and have people “like” or comment on other people’s efforts.

The Nottingham-based company has offices in Chicago, Queensland and the Isle of Man and has sold 2 million machines since it was launched by fitness industry expert Dave Wright in 2011.

Originally from Australia, Mr Wright worked as a personal trainer where he met his current wife, Adrienne, before moving to the UK to start a new life together.

He founded gyms like FeelGood Fitness in Grantham, as well as a health and fitness marketing company that encouraged people to enroll in gyms.

Myzone was born to motivate people in the gym and get them to do sports all year round.

Part of the investment comes from UK growth capital investor BGF, which has invested £ 3 billion in more than 460 companies over the past decade.

Tech entrepreneur Vin Murria OBE – the UK founder of Advanced Computer Software plc – has also invested in the company and has joined the company as a non-executive chairman.

Myzone chief executive officer Wright said the deal had estimated its business value at $ 102 million.

He said the technology is now being used in some of the largest fitness clubs in the world and has also penetrated new markets such as elite sports teams, hospitals, schools and universities.

He said, “We are fortunate to have grown organically so far without the need for external capital.

“We needed an experienced partner who could accelerate our growth plans.

“We are particularly pleased 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 technology companies. In 2018 she was awarded the Order of the British Empire for services to the British digital economy and for the advancement of women in the software industry. “

The investment comes as part of the launch of Myzone MZ-Switch in 2021 – reputedly the world’s first interchangeable heart rate monitor that can be worn on the chest, arm or wrist.

Mr. Wright said, “The introduction 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 drive these new markets and build on our longstanding support for the traditional fitness industry.”

Seb Saywood, Aaron Baker and Dave Bellis led the deal for BGF, which invested more than £ 100 million in technology companies in 2021.

Mr. Saywood said, “Myzone is a pioneer in the ever growing health and wellness sector.

“We were impressed with its unique business model, its scalability, its market presence and its outstanding senior management team.

“We are very excited to be supporting a world class team with Vin Murria as chairman.

“Myzone is a highly scalable company that has proven itself to be a world leader in its field and we look forward to the continued growth this partnership can bring.”

BGF acts as a minority shareholder without controlling influence in growing companies in Great Britain and Ireland.

His investment in Myzone comes from the recently launched UK Enterprise Fund (UKEF), which was co-founded with Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that make up their industries revolutionize.

WLG Gowling, BDO and Keystone advised the various parties.

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