An East Midlands company which makes fitness monitoring technology has been valued at around £75 million following almost £13 million of investment.
Myzone makes wearable fitness monitors which count calories and track heart rates and workout regimes, which, it says, are used in more than 9,000 health clubs in 84 different countries.
Users can use the Myzone app to compete against each other and progress up a leaderboard – with the technology rewarding effort rather than fitness, motivating users to work harder.
The app can also be used to connect with fellow exercisers, analyse workouts, and let people “like” or comment on the efforts of others.
Based in Nottingham, the business has offices in Chicago, Queensland and the Isle of Man, and has sold a reported 2 million devices since it was launched by fitness industry expert Dave Wright in 2011.
Originally from Australia, Mr Wright worked as a personal trainer where he met his now wife, Adrienne, before moving to the UK to start a new life together.
He set up gyms such as FeelGood Fitness in Grantham, as well as a health and fitness marketing company which encouraged people to sign up to gyms.
Myzone was born to help keep people motivated in the gym and to get them to exercise all year round.
A proportion of the investment has come from UK growth capital investor BGF, which over the past decade has put £3 billion into more than 460 companies.
Tech entrepreneur Vin Murria OBE – the British founder of Advanced Computer Software plc – has also invested in the business and joined it as non-executive chair.
Mr Wright, who is the Myzone managing director, said the deal valued his business at $102 million.
He said the tech was now used in some of the biggest health clubs around the world and has also broken into new markets such as elite sports teams, hospitals, schools and universities.
He said: “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 for services to the British digital economy, as well as for advancing women in the software sector.”
The investment comes on the back of the 2021 launch of Myzone MZ-Switch – said to be the world’s first interchangeable heart rate monitor which can be worn on the chest, arm or wrist.
Mr Wright said: “Launching the MZ-Switch opened up new markets for us.
“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.”
Seb Saywood, Aaron Baker and Dave Bellis led the deal for BGF, which invested more than £100 million in tech businesses in 2021.
Mr Saywood said: “Myzone is a trail-blazer in the ever-growing health and wellbeing sector.
“We have been impressed by its unique business model, scalability, presence in the marketplace and outstanding senior management team.
“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.”
BGF acts as a minority, non-controlling equity partner in growing businesses in the UK and Ireland.
Its investment in Myzone comes from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies which are revolutionising their industries.
WLG Gowling, BDO and Keystone advised the various parties.
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