NEWS
Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m
POSTED 10 Jan 2022 . BY Tom Walker
The deal follows the launch of Myzone's MZ-Switch, the world’s first interchangeable heart rate monitor Credit: Myzone
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
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
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.

The investment will enable Myzone to accelerate its growth through expansion and acquisition Credit: Myzone
Myzone belts are used by 2m consumers worldwide Credit: Myzone/Midtown Athletic
 


CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Leisure Management - Myzone sets a course for unicorn status as investment from BGF values the brand at US$102m...
06 Jul 2022 Leisure Management: daily news and jobs
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

10 Jan 2022

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

The deal follows the launch of Myzone's MZ-Switch, the world’s first interchangeable heart rate monitor

The deal follows the launch of Myzone's MZ-Switch, the world’s first interchangeable heart rate monitor
photo: 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.




Connect with
Leisure Management
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
How can the wellness industry attract Gen Z consumers?
How can the wellness industry attract Gen Z consumers?   06 Jul 2022

Generation Z (Gen Z) has been cited as the next big generation of consumers that the wellness industry needs to target, but how should spas appeal to .... more>>
Belmond Hotels and Dior celebrate La Dolce Vita with pop-up spas in Portofino
Belmond Hotels and Dior celebrate La Dolce Vita with pop-up spas in Portofino   04 Jul 2022

Belmond Hotels has partnered with Dior for an exclusive new wellness experience in the gardens of its luxury hotel in Portofino, named Splendido, A .... more>>
F45 will work with corporations to open in-house studios
F45 will work with corporations to open in-house studios   04 Jul 2022

F45 has launched a corporate partnership programme which will enable businesses to open an F45 studio inside their own company premises. Aerospace .... more>>
Health clubs on front line of healthcare in new initiative
Health clubs on front line of healthcare in new initiative   04 Jul 2022

A two-year research project will look to find ways to transform the UK's physical activity facilities into musculoskeletal (MSK) hubs that could be .... more>>
‘Gratitude reduces stress’ finds new study
‘Gratitude reduces stress’ finds new study   30 Jun 2022

A recent research study has found that gratitude between team members can improve their performance in high-stress situations. The study into the .... more>>
Liseberg's Grand Curiosa Hotel to open in 2023
Liseberg's Grand Curiosa Hotel to open in 2023   30 Jun 2022

Liseberg theme park in Sweden has confirmed the opening date for its new Grand Curiosa hotel. A highly themed family hotel, the Grand Curiosa will .... more>>
Company profile


Mindbody

Mindbody is the leading technology platform for the wellness industry, featuring an app that allows users to discover and book fitness, beauty and integrative health services, and industry-leading software for business growth and management.

View full profile>>

Catalogue gallery


Featured Supplier

The University of Bath enhances sports facilities with £150,000 Matrix Fitness equipment upgrade

The University of Bath enhances sports facilities with £150,000 Matrix Fitness equipment upgrade

Leading UK university the University of Bath is steeped in a history of sporting excellence, with Team Bath committed to offering its students a wealth of sporting opportunities and access to world-class facilities. More>>




in this issue

• Virgin gets right to wipe out rent arrears
• Fitness industry mourns passing of Jan Spaticchia
• STA offers mindfulness resources



Latest jobs

Jobs Search



Aquatics Officer - Northgate and Christleton
Salary: starting at £25,419pa
Location: Christleton, Chester, UK
Company: Brio Leisure
Aquatic Lead - Winsford
Salary: starting at £20,043pa pro rata
Location: Winsford, UK
Company: Brio Leisure
Aquatics Lead – Northwich
Salary: starting at £20,043pa pro rata
Location: Northwich, UK
Company: Brio Leisure
Diary dates
Powered by leisurediary.com




03-04 Sep 2022

HEALING SUMMIT 2022 - The Healing of Everything

Pine Cliff Resort, Portugal



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Interview: Sioux-per foods
The Sioux Chef, Sean Sherman, is on a mission to revive indigenous cuisine More>>
  Promotional feature: Alliance Leisure
The future of leisure in times of austerity More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  On the cover: AJ Hackett
Bungy, New Zealand More>>
  Talking Point: Cruise control
The cruise industry is expanding, but concerns are growing about pollution More>>


Published by Leisure Media Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd