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

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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
PRODUCT NEWS
Sothys launches Nutritive range to soothe and nourish dry skin
French skincare and spa brand Sothys has launched the Nutritive skincare range designed to offer a next-generation nourishing solution for very dry skin.
Kemitron reveals refreshed fragrance dosing system for spas
Kemitron has unveiled a new version of its Select.Arom fragrance dosing system for steamrooms, experience showers and saunas.
Evolution-U launches psychology-based spa business training to optimise profitability
Business psychology training company Evolution-U Spa Academy has unveiled new online spa business training blending core spa team skills with corporate-level business psychology.
Zero Waste by Urb’n Nature unveils compostable amenity sachets
Urb'n Nature has expanded its Zero Waste collection of sustainable hotel and spa amenities with new compostable and plastic-free sachets.
Oakworks creates removable spa tabletop to offer sustainable treatment room solution
Spa and wellness equipment manufacturer Oakworks has introduced a new replaceable one-piece topper for its stationary massage tables.
La Rue Verte creates bespoke CBD massage oil and ritual for Aman Spa at The Connaught
CBD wellness brand La Rue Verte has developed a new treatment for the Aman Spa at The Connaught in London – the only Aman Spa in the world outside an Aman resort.
Sammy Gharieni to receive the “A Life of Beauty” award in 2022
Sammy Gharieni, CEO and founder of the Gharieni Group, will receive the 'A Life of Beauty' Award at industry event Beauty Düsseldorf, in 2022.
Ayurvedic rituals inspire Thalgo’s new Mer des Indes treatment and retail line
Thalgo has formulated a new five-step spa treatment and retail range in collaboration with Ayurvedic specialist Nordine Meguelatti.
Living Earth Crafts unveils the Mind-Sync Harmonic Sleep Lounger
Living Earth Crafts (LEC) has announced the launch of the Mind-Sync Harmonic Sleep Lounger – a zero-gravity lounger featuring clinically tested, Mind-Sync vibroacoustic resonance therapy to support stress reduction, restorative meditation and enhanced sleep.
Spa Space offers on-demand staffing solutions designed to resolve therapist shortage
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Welnamis represents the next-generation of touchless treatments, says Sammy Gharieni
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01-03 Feb 2022

Spatex 2022

Coventry Building Society Arena, Coventry, United Kingdom
10-14 Mar 2022

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Fair District, Bologna, Italy
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
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