Health and fitness technology provider fit for expansion with £500,000 boost

Nottingham-based Boditrax Technologies has secured a £500,000 loan to ramp up its product development.

Boditrax’s technology monitors cellular health and composition to quickly deliver accurate data on up to 45 different metrics, from body fat and muscle to cellular integrity and metabolic efficiency.

Its devices are now used by nearly eight million people worldwide to manage their health and fitness journey.

Boditrax is planning to use the funding to accelerate its product development and focus on its next generation of software and hardware offerings, exploring new market sectors and creating a subscription model. The cash will support two further product launches.

The company works with leading medical, fitness, academic and corporate organisations, including the NHS, HM Government, Rolls-Royce, Cadbury’s, Kellogg’s, Virgin Active, David Lloyd, Fitness First, Sky TV and Airbus. This is alongside elite sports teams, from F1 to the Premier League.

Established in 2011, Boditrax is backed by an experienced management team led by executive chairman Oliver Wheatcroft and managing director Nick Stillman.

The funding came from Midlands Engine Investment Fund managed by Maven Capital Partners.

Stillman said: “2020 was challenging for many firms, but it also presented an opportunity to pause and consider plans for our own software and hardware platforms. The funding has provided the certainty to commit to what will be a ‘V2’ of the product and in many ways, the company.

“We have now invested heavily in research and development, our own Linux operating system and new infrastructure. Maven was incredibly supportive throughout. Richard, Jonathan and the team really took the time to understand our business plans, as well as the commercial opportunities and challenges we had in front of us. I really could not recommend Maven highly enough.”

Richard Brighty, investment manager for Maven added: “Boditrax is a highly innovative technology business which has demonstrated strong resilience throughout the pandemic despite the lockdown’s impact on its key market of commercial gyms. It has been a pleasure working with Nick and Ollie to provide this funding to support its continued growth through new product development.”