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.
