Fitness technology company Myzone raises $17.2 million in growth capital

British growth equity investor BGF has acquired a $17.2 million investment in wearable fitness tracking technology maker Myzone. Tech entrepreneur Vin Murray will also become a non-executive member.

Sealed deal: Fitness technology company Myzone selects BGF as a new investor.

“Myzone is a Pioneers in the growing health and wellness sectorsays GDB investor Seb Saywood. “We were impressed with the unique business model, its scalability, market presence and outstanding leadership team.”

Since 2020 in the DACH region

After successfully launching Myzone MZ switch in 2021 and launching with Own branch in the DACH region in March 2020 (background in our ‘Myzone starts at DACH’ article) the next good news for the Founded in 2001 by fitness expert Dave Wright Myzone company.

Since its inception, the fitness technology company has grown rapidly. Myzone currently serves over 9,000 fitness providers in 84 countries and you already have shipped over two million fitness trackers.

Myzone is built on experience

“We are in the fortunate position that organically grown so far are, without external capital. we needed one experienced partner who will accelerate our growth plans it could,” says Phil Whittam, CEO of Myzone. BGF was chosen as an investor for its experience in supporting fast-growing companies

“We are particularly pleased that Vin Murray OBE has also decided to invest in the company.”

Phil Whittam, CEO of Myzone

Adds Phil Whittam: “Vin is one visionary market leader in the world of technology and has built numerous technology companies. In 2018 she became the ‘Order of the British Empire (OBE)’ of services to the British digital economy and for the Promotion of women in the software industry award-winning.”

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“The introduction of the MZ-Switch has us opened new marketsNo,” says Phil Whittam. (Also read: ‘Time to change’)

Whittam continued: “It’s one now ideal solution for a corporate and school environmentand our partnership with BGF and Vin will help drive these new markets, while building on our longstanding support of the traditional fitness industry.”

Millions invested in technology companies

By 2021, BGF has invested over £100m in technology companies and seven successful exits reported in this sector. Of the total of more than £500 million invested in technology companies to date, 70% has been deployed outside of London and the South East of the UK.

The deal was led by Seb Saywood, Aaron Baker and Dave Bellis (all BGF). Seb Saywood: “We are delighted to be supporting a world-class team chaired by Vin Murray. my area is a highly scalable enterprise and we look forward to the continued growth this partnership can bring.”

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