Myzone received a $17.2 million investment from BGF, a UK active growth capital investor as well as an investment from tech entrepreneur Vin Murria, Myzone announced on Jan. 10.
Created in 2011 by Dave Wright, the global manufacturer of wearable fitness tracking technology serves more than 9,000 facilities in 84 countries with more than two million shipped devices, according to the company. In addition to being in many of the largest health clubs around the world, Myzone has broken into new markets such as elite sports teams, hospitals, schools, universities and the corporate sector.
Myzone chose BGF due to its experience supporting fast growing businesses, according to the company. BGF has invested more than £100 million in tech businesses in 2021 and had seven successful exits in the sector. Of the more than £500 million invested in tech businesses to date, 70 percent has been deployed outside of London and the South-East.
“We have been in a very fortunate position in that we have grown organically to date, without the need for external capital,” Phil Whittam, Myzone managing director, said in the announcement. “We needed an experienced partner that could accelerate our growth plans.
BGF investor Seb Saywood called Myzone a “trail-blazer” in the growing health and wellbeing sector.
“We have been impressed by its unique business model, scalability, presence in the marketplace and outstanding senior management team,” Saywood said.
In addition to her investment in the company, Murria also has joined Myzone as non-executive chair. She has built numerous tech businesses, and in 2018, she was awarded The Order of the British Empire for services to the British digital economy, as well as for advancing women in the software sector.
Last year, Myzone launched the MZ-Switch, which is the world’s first interchangeable heart rate monitor with chest, arm and wrist options.
“Launching the MZ-Switch opened up new markets for us,” Whittam said. “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.”