Myzone hits $102 million valuation after securing a $17.2 million dollar investment from BGF.
Wearable tech company Myzone has secured a $17.2 million dollar investment from BGF, the UK’s most active growth capital investor. In addition, renowned tech entrepreneur Vin Murria OBE is joining as Non-Executive Chair. As a result, Myzone’s valuation has hit $102 million.
According to Myzone, the brand chose BGF due to its experience supporting fast growing businesses.
“We have been in a very fortunate position in that we have grown organically to date, without the need for external capital,” said Phil Whittam, Myzone’s managing director, in a statement. “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 (OBE) for services to the British digital economy, as well as for advancing women in the software sector.”
The deal was led by Seb Saywood, Aaron Baker and Dave Bellis, from BGF. The advisors to the transation were WLG Gowling, BDO and Keystone.
“We are very excited to be backing a world class team, with Vin Murria joining as Chair,” said Saywood, in a statement. “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.”
Myzone was founded by Dave Wright in 2011, and now serves 9,000+ facilities in 84 countries, with two million shipped devices. In 2021, the company launched the Myzone MZ-Switch – the world’s first interchangeable heart rate monitor with chest, arm and wrist options.
“Launching the MZ-Switch opened up new markets for us,” added Whittam. “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.”
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
