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Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m
10 Jan 2022 . BY Tom Walker
The deal follows the launch of Myzone's MZ-Switch, the world’s first interchangeable heart rate monitor / Myzone
In three to five years' time, we're looking to have achieved a US$400-500m valuation and are likely to do an IPO. Ultimately we're aiming to become one of the first unicorns in our industry
– Dave Wright, founder, Myzone
Myzone has secured a US$17.2m worth of investment from growth capital investor BGF – a move that values the brand at US$102m. The deal is all equity-based.

The BGF cash injection is coupled with a separate £2.5m investment by Vin Murria, which will also see the renowned tech entrepreneur join Myzone as non-executive chair.

Founded in 2011 by entrepreneur Dave Wright, Myzone specialises in wearable fitness technology for the business to business activity and wellness markets and has grown to serve more than 9,000 facilities in 84 countries, reaching two million consumers.

Last year (2021), Myzone launched MZ-Switch – the world’s first interchangeable heart rate monitor, which offers users the choice of wearing the tracker on the chest, arm or wrist.

Speaking exclusively to HCM, Wright said the investment and appointment of Vin Murria as chair is a logical step in the brand's journey towards further growth – which is likely to include an IPO.

"I was really keen to bring someone in who I can learn with and learn from – and someone who can help us further professionalise our business," Wright said of Murria.

"In three to five years' time, we're looking to have achieved a US$400-500m valuation and are likely to do an IPO. Ultimately we're aiming to become one of the first unicorns in our industry [achieving a billion-dollar (US) valuation].

Wright said Myzone is opening a new office in Mexico and plans to grow through acquisition, organic growth and by entering new markets.

The plan is to continue to target the business to business sector and there are no plans to extend into consumer markets, he said.

In terms of vertical markets, Myzone is targeting its existing sectors, as well as driving into the corporate wellbeing and school and education markets and acting as a bridge between the activity and medical sectors.

Phil Whittam, Myzone MD, added: “We've been in a very fortunate position in that we've grown organically to date, without the need for external capital.

"We needed an experienced partner that could accelerate our growth plans.

“We're particularly delighted that Vin Murria 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 an OBE (Officer of the Order of the British Empire) for services to the British digital economy, as well as for advancing women in the software sector.”

BGF invested more than £100m in tech businesses during 2021 and announced seven successful exits in the same period.






The investment will enable Myzone to accelerate its growth through expansion and acquisition / Credit: Myzone



Myzone belts are used by 2m consumers worldwide / Credit: Myzone/Midtown Athletic
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Jobs    News   Products   Magazine
PRODUCT NEWS
Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m
10 Jan 2022 . BY Tom Walker
The deal follows the launch of Myzone's MZ-Switch, the world’s first interchangeable heart rate monitor / Myzone
In three to five years' time, we're looking to have achieved a US$400-500m valuation and are likely to do an IPO. Ultimately we're aiming to become one of the first unicorns in our industry
– Dave Wright, founder, Myzone
Myzone has secured a US$17.2m worth of investment from growth capital investor BGF – a move that values the brand at US$102m. The deal is all equity-based.

The BGF cash injection is coupled with a separate £2.5m investment by Vin Murria, which will also see the renowned tech entrepreneur join Myzone as non-executive chair.

Founded in 2011 by entrepreneur Dave Wright, Myzone specialises in wearable fitness technology for the business to business activity and wellness markets and has grown to serve more than 9,000 facilities in 84 countries, reaching two million consumers.

Last year (2021), Myzone launched MZ-Switch – the world’s first interchangeable heart rate monitor, which offers users the choice of wearing the tracker on the chest, arm or wrist.

Speaking exclusively to HCM, Wright said the investment and appointment of Vin Murria as chair is a logical step in the brand's journey towards further growth – which is likely to include an IPO.

"I was really keen to bring someone in who I can learn with and learn from – and someone who can help us further professionalise our business," Wright said of Murria.

"In three to five years' time, we're looking to have achieved a US$400-500m valuation and are likely to do an IPO. Ultimately we're aiming to become one of the first unicorns in our industry [achieving a billion-dollar (US) valuation].

Wright said Myzone is opening a new office in Mexico and plans to grow through acquisition, organic growth and by entering new markets.

The plan is to continue to target the business to business sector and there are no plans to extend into consumer markets, he said.

In terms of vertical markets, Myzone is targeting its existing sectors, as well as driving into the corporate wellbeing and school and education markets and acting as a bridge between the activity and medical sectors.

Phil Whittam, Myzone MD, added: “We've been in a very fortunate position in that we've grown organically to date, without the need for external capital.

"We needed an experienced partner that could accelerate our growth plans.

“We're particularly delighted that Vin Murria 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 an OBE (Officer of the Order of the British Empire) for services to the British digital economy, as well as for advancing women in the software sector.”

BGF invested more than £100m in tech businesses during 2021 and announced seven successful exits in the same period.






The investment will enable Myzone to accelerate its growth through expansion and acquisition / Credit: Myzone



Myzone belts are used by 2m consumers worldwide / Credit: Myzone/Midtown Athletic
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Double Olympic Champion Rebecca Adlington breaks ground ahead of new Rainham Leisure Centre
Everyone Active has got the New Year off to a flying start as it begins work on the brand new Rainham Leisure Centre.
Jonny Curley joins Alliance Leisure
To kick off the new year, Alliance Leisure has announced the appointment of industry heavy- weight, Jonny Curley, to drive leisure development across Scotland.
Innovative experience TAGactive launched at Everyone Active
Everyone Active opened its first TAGactive Arena at Lammas Leisure Centre on Bank Holiday Monday, January 3.
Future Fit strengthens commitment to sector with Future Fit Group
After more than 28 years of successful growth and development, and over 50,000 learners trained, training provider Future Fit Training has become part of the newly formed Future Fit Group.
Everlast expand into gyms with inaugural opening in Denton
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True Fitness names Matt Hacker new chief of operations
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©Cybertrek 2022

ABOUT LEISURE MEDIA
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