GET FIT TECH
Sign up for the FREE digital edition of Fit Tech magazine and also get the Fit Tech ezine and breaking news email alerts.
Not right now, thanksclose this window
Les Mills International | Fit Tech promotion
Les Mills International | Fit Tech promotion
Les Mills International | Fit Tech promotion
FIT TECH News

Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m

By
Myzone has secured a US$17.2m worth of investment from growth capital investor BGF
The investment values the brand at US$102m
The BGF cash injection is coupled with a separate investment by tech entrepreneur, Vin Murria
Murria, a respected tech entrepreneur, will join Myzone as non-executive chair
Credit: 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.

More fit tech news
A strategic alliance has been announced between music services provider, Feed Media Group and digital fitness agency Sweatworks. Feed Media ...
F45 will be launching its first studio in a hotel in Q3 2022, following a partnership agreement with Hilton Austin. ...
Form, a Vancouver-based tech startup that creates smart swimming goggles, has released a new collection of digital real-time workouts for ...
Connected performance wearable company Whoop has launched Whoop Unite for businesses. Whoop has built up its business-to-business operation since undertaking ...
PROMOTION
It’s a known fact that gamification is an effective method to make everyday activities and work more fun. This certainly ...
Following Kabata’s recent US$2m raise to propel its AI-powered haptic dumbbells onto the market, the startup has confirmed it’s aiming ...
Luxury hotel chain Mandarin Oriental has launched a new brand called Intelligent Movement to deliver fitness and wellbeing interventions to ...
More HCM news
Strength training startup Grndhouse has launched a new app following 18 months of development. The app is available through Apple’s ...
Caterpillar, a new app that rewards healthy actions with redeemable points at entertainment and fitness outlets, will launch a pilot ...
Aumio, a new sleep, relaxation and meditation app for children has raised €3m to drive market expansion across Europe and ...
The company behind fitness aggregator Hussle – Sandcroft Avenue Ltd – has collapsed, owing £5,362,000. A new company, Archway Fitness ...
ABC Fitness Solutions has appointed Sharad Mohan as chief SaaS officer. Mohan was previously co-founder and MD of Trainerize, which ...
PROMOTION
Capitalising on Schwinn’s decades of experience and iconic leadership in commercial indoor cycling, Core Health & Fitness announces the arrival ...
Strava, a leading social platform for athletes, has acquired Recover Athletics, a startup providing evidence-based prehab workouts to runners. The ...
Ness, a US startup that is developing a range of wellness-driven credit cards, has launched its first product, the Ness ...
Tillt, an athletic performance-based betting app – where runners get paid if they win – has been launched by co-founders ...
PROMOTION
With a focus on globalisation, Magicline has officially launched its software in the UK. As Europe’s leading gym management software ...
AI-driven home-strength platform, Vitruvian, has raised US$15m Series A funding to ramp up production. Investors include Larsen Ventures and Steve ...
PROMOTION
ACTIV, a gym chain in Riyadh, Saudi Arabia, which operates separate gyms for men and women, has partnered with digital ...
More fit tech news
It’s a known fact that gamification is an effective method to make everyday activities and work more fun.
Technogym Biocircuit
Technogym
Losing weight, building strength, ageing in good health: whatever takes you to the fitness club, it needs to be addressed specifically. One size doesn’t simply fit all. Up until today. Read more
or over 30 years, Magicline has been driving the digitalization of the fitness industry with ...
Orbit4 is the umbrella brand for FitnessCompared, FitnessFinance, WeServiceGymEquipment and WeBuyGymEquipment....
Management software
Lockers/interior design
Salt therapy products
On demand
Wearable technology solutions
25-26 Sep 2022
Bespoke, San Francisco, United States
It’s a known fact that gamification is an effective method to make everyday activities and work more fun.
or over 30 years, Magicline has been driving the digitalization of the fitness industry with ...
Orbit4 is the umbrella brand for FitnessCompared, FitnessFinance, WeServiceGymEquipment and WeBuyGymEquipment....
Technogym Biocircuit
Technogym
Losing weight, building strength, ageing in good health: whatever takes you to the fitness club, it needs to be addressed specifically. One size doesn’t simply fit all. Up until today. Read more
Get Fit Tech
Sign up for the free digital edition of Fit Tech magazine and the free weekly Fit Tech ezine
Sign up
Management software
Lockers/interior design
Salt therapy products
On demand
Wearable technology solutions
25-26 Sep 2022
Bespoke, San Francisco, United States

features

Fit Tech People

Adam Zeitsiff

CEO, Intelivideo
We don’t just create the technology and bail – we support our clients’ ongoing hybridisation efforts
Usability

How usable is your product?

Your fit tech product might be a game changer, solving problems or creating new possibilities for clients, but none of this will matter if it’s not easy and enjoyable to use. Industrial designer Nick Chubb explains why usability is key, and the factors to consider when designing your new product
In conversation

Jessica Ennis-Hill: founder of Jennis

Jessica Ennis-Hill is on a mission to close the gender data gap in health research. Her app, Jennis CycleMapping, is designed to help women understand their cycles and how to train during each different phase. Steph Eaves speaks to Ennis-Hill to find out exactly how it works
Interview

Put on your red light

Red light therapy promises a variety of benefits, including better recovery, skin rejuvenation and increased energy, but is it all too good to be true? Fit Tech spoke to Bryan Gohl and James Strong of Red Light Rising, and Wes Pfiffner of Joovv to find out more
Fit Tech People

Laurent Petit

Co-founder, Active Giving
The future of sports and fitness are dependent on the climate. Our goal is to positively influence the future of our planet by instilling a global vision of wellbeing and a sense of collective action
App analysis

Digital community

Matt Stebbings of SLT Group talks about the creation of their Community Portal, a new platform that aims to help anyone to get active, whether that’s inside or outside of SLT’s facilities
Editor's letter

Two-way coaching

Content providers have been hugely active in the fit tech market since the start of the pandemic. We expect the industry to move on from delivering these services on a ‘broadcast-only’ basis as two-way coaching becomes the new USP
Fit Tech People

Mike Hansen

Managing partner, Endorphinz
We noticed a big gap in the market – customers needed better insights but also recommendations on what to do, whether that be customer acquisition, content creation, marketing and more
Augmented Reality

Refining augmented reality

London boutique The Refinery has created an avatar-led digital fitness offering called ALFI, which utilises augmented reality (AR) to demonstrate movements. Zoe Bertali, one of the co-founders of the gym, tells us more
Fit Tech People

Anantharaman Pattabiraman

CEO and co-founder, Auro
When you’re undertaking fitness activities, unless you’re on a stationary bike, in most cases it’s not safe or necessary to be tied to a screen, especially a small screen
Interview

Kilian Saekel

A-Champs is a platform that delivers sports science-based programmes and games through interactive sensor pods that come with light, sound and vibration
Interview

Mathieu Letombe

We’ve found 90 per cent of Withings users continue to regularly use their scales after one year and 50 per cent regularly continue using them after 10 years
More features
FIT TECH News

Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m

By
Myzone has secured a US$17.2m worth of investment from growth capital investor BGF
The investment values the brand at US$102m
The BGF cash injection is coupled with a separate investment by tech entrepreneur, Vin Murria
Murria, a respected tech entrepreneur, will join Myzone as non-executive chair
Credit: 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.

More fit tech news
A strategic alliance has been announced between music services provider, Feed Media Group and digital fitness agency Sweatworks. Feed Media ...
F45 will be launching its first studio in a hotel in Q3 2022, following a partnership agreement with Hilton Austin. ...
Form, a Vancouver-based tech startup that creates smart swimming goggles, has released a new collection of digital real-time workouts for ...
Connected performance wearable company Whoop has launched Whoop Unite for businesses. Whoop has built up its business-to-business operation since undertaking ...
PROMOTION
It’s a known fact that gamification is an effective method to make everyday activities and work more fun. This certainly ...
Following Kabata’s recent US$2m raise to propel its AI-powered haptic dumbbells onto the market, the startup has confirmed it’s aiming ...
Luxury hotel chain Mandarin Oriental has launched a new brand called Intelligent Movement to deliver fitness and wellbeing interventions to ...
More HCM news
Strength training startup Grndhouse has launched a new app following 18 months of development. The app is available through Apple’s ...
Caterpillar, a new app that rewards healthy actions with redeemable points at entertainment and fitness outlets, will launch a pilot ...
Aumio, a new sleep, relaxation and meditation app for children has raised €3m to drive market expansion across Europe and ...
The company behind fitness aggregator Hussle – Sandcroft Avenue Ltd – has collapsed, owing £5,362,000. A new company, Archway Fitness ...
ABC Fitness Solutions has appointed Sharad Mohan as chief SaaS officer. Mohan was previously co-founder and MD of Trainerize, which ...
PROMOTION
Capitalising on Schwinn’s decades of experience and iconic leadership in commercial indoor cycling, Core Health & Fitness announces the arrival ...
Strava, a leading social platform for athletes, has acquired Recover Athletics, a startup providing evidence-based prehab workouts to runners. The ...
Ness, a US startup that is developing a range of wellness-driven credit cards, has launched its first product, the Ness ...
Tillt, an athletic performance-based betting app – where runners get paid if they win – has been launched by co-founders ...
PROMOTION
With a focus on globalisation, Magicline has officially launched its software in the UK. As Europe’s leading gym management software ...
AI-driven home-strength platform, Vitruvian, has raised US$15m Series A funding to ramp up production. Investors include Larsen Ventures and Steve ...
PROMOTION
ACTIV, a gym chain in Riyadh, Saudi Arabia, which operates separate gyms for men and women, has partnered with digital ...
More fit tech news