Evolt 360, the health monitoring technology company that is home to the world’s most sophisticated body scanner, has successfully completed a $12 million capital raise to meet its strong order pipeline.
The raise, led by Bell Potter, was backed by leading funds Regal, Washington Soul Pattinson and Smarter Capital. The funds will be used for inventory purchases and to meet the growing demand for the company’s devices.
The Gold Coast-based business has the best body monitoring technology globally. Its medically graded machines — FDA, TGA and CE registered — use bioimpedance technology to provide users with full insight into body composition health including data on lean muscle mass, subcutaneous fat, visceral fat and segmental analysis to help identify imbalances; making up 40 measuring parameters of the human body.
To date, Evolt has more than a million registered users, a footprint in 33 countries and significant global enterprise customers including the world’s largest gym chain Anytime Fitness and corporate giants including health insurer HCF. The company also has partnerships with global mining companies, leading international medical universities and allied health professionals.
That’s seen revenue more than double in FY22 and the company is expecting FY23 to continue with strong growth from the existing client base alone.
CEO Ed Zouroudis said the global addressable market for the technology was enormous.
“From gyms to health insurers, mining companies to medical specialists, we have appeal across multiple verticals,” said Zouroudis. “The gym industry alone was worth $94 billion in 2019 and we solve the biggest problem gyms have at the moment which is competing against connected at-home fitness devices. Our tech increases retention and engagement which will only increase as we include nutritional and supplement programs to the service too.”
Zouroudis, an internationally renowned sports promoter, founded Evolt with fitness industry guru Kelly Weideman in 2015. The pair have since been joined by former Virgin Group CEO David Baxby who leads the advisory board.
Zouroudis said seeing such good support for the recent raise was particularly pleasing and provided strong validation for the company’s market opportunity and strategy.
“It’s fantastic that we’ve been backed by a number of institutional investors – it’s a huge testament to our sophisticated technology,” said Zouroudis. “We’re already in thirty-three countries but with wellness becoming an essential part of peoples’ lives, we’re continuing to grow at an exponential rate.”
For more information, visit evolt360.com.