East Midlands team backs $17.2m investment into fitness tracking firm

Myzone, the manufacturer of wearable fitness tracking technology, has secured a $17.2m dollar investment from investor BGF, alongside tech entrepreneur Vin Murria OBE, who also joins as non-executive chair.

The deal was brokered by the East Midlands BGF team.

Created in 2011 by fitness industry expert Dave Wright, Myzone currently serves over 9,000 facilities in 84 countries, with over two million shipped devices.

“Myzone is a trail-blazer in the ever-growing health and wellbeing sector,” says BGF investor Seb Saywood. “We have been impressed by its unique business model, scalability, presence in the marketplace and outstanding senior management team.”

Phil Whittam, Myzone managing director, said: “We have been in a very fortunate position in that we have grown organically to date, without the need for external capital. 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.

Saywood added: “We are very excited to be backing a world class team, with Vin Murria joining as Chair. 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.”

The advisors to the transaction were: BGF legals: WLG Gowling; BGF tax: BDO; management legals: Keystone.