Leading health tech Evolt 360 gets $12m cash injection, brings Regal, Soul Patts to the register
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Advanced health monitoring technology company Evolt 360 raises $12m to meet the company’s strong order pipeline.
Leading funds Regal, Washington Soul Pattinson and Smarter Capital have backed a $12 million capital raise for health monitoring technology company Evolt 360.
The Gold Coast-based business says it has the best body monitoring technology globally, with its medically graded machines (FDA, TGA and CE registered) using bioimpedance technology to provide users with full insight into body composition health.
That includes 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.
The cap raise, led by Bell Potter and also supported by family offices and High Net Worths, will primarily fund inventory purchases to meet growing demand for the company’s devices.
The profitable business 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,” he said.
“The gym industry alone was worth $97 billion in 2021 and we solve the biggest problems gyms have at the moment, which is lowering the churn of memberships, increasing engagement and identifying the most valuable metric in their business, the health status of their members. This health status can accurately quantify the impact of a particular program to help members achieve their desired goals.”
Our tech also provides nutritional and supplement programs that can add a significant revenue stream to our partners.”
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,” he said.
“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.”
This article was developed in collaboration with Evolt 360, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.