Myzone, the manufacturer of wearable fitness tracking technology, has secured a $17.2 million investment from BGF, the UK’s growth capital investor, with tech entrepreneur Vin Murria OBE, who also joins as Non-Executive Chair.
Created in 2011 by Dave Wright, Myzone has experienced growth since its founding and currently serves over 9,000 facilities in 84 countries with over two million shipped devices.
Designed to engage and motivate people to be more physically active, Myzone is used in worldwide health clubs 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 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, an 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 percent 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.”