Evolt raises $20 million in new capital to drive international expansion

Fitness technology company Evolt has raised $20 million in fresh capital to drive international growth ahead of a potential stock market listing.

The Gold Coast-based company, formerly known as Evolt 360, has secured the capital backed by existing investors Regal Funds and Washington Soul Pattinson.

The company, which has adopted a software-as-a-service model, has also attracted the interest of later-stage growth fund manager Perennial Partners in the capital raising that will help Evolt meet a strong pipeline of orders for its bioimpedance scanners.

Founded in 2015 by sports promoter Ed Zouroudis and fitness trainer Kelly Weideman, Evolt has developed a range of medically graded machines that employ bioimpedance technology to provide comprehensive insights into body composition health.

This includes detailed insights into skeletal muscle mass, fat composition and body fat distribution, helping medical professionals manage weight loss with GLP-1 drugs such as Ozempic and Wegovy.

The company, which says it has the most sophisticated body scanning technology globally, has more than 2.8 million registered users across 46 countries.

Its bioimpedance scanners are registered with the US Food and Drug Administration and Australia’s Therapeutic Goods Administration, while they are also CE approved for distribution in the European Union.

Evolt Chief Executive, Zouroudis, says the $20 million capital raise is a “significant milestone” for the company which was recognised in the 2022 Gold Coast Young Entrepreneur Awards when Weideman won the coveted Trailblazer Award.

He advised “we are incredibly grateful for the continued support of our existing investors and thrilled to welcome new partners like Perennial Partners to our journey.

“This capital injection will enable us to accelerate our growth strategy, strengthen our global presence, and bring our cutting-edge analytics to an even wider base of customers.”

Zouroudis notes that the company’s growth strategy is “anchored in forging strong partnerships both internationally and domestically”.

Among the most recent partnerships by Evolt was a supplier agreement sealed last year with GoodLife Fitness Canada, the fourth largest fitness club and gym operator in the world.

More recently, Evolt has signed up collaborations with cardiovascular medicine researchers in the USA and has formed a partnership with an undisclosed “prominent telehealth provider” that is focused on weight-loss management.

Zouroudis adds “by aligning with leading medical, fitness and technology organisations, we’re able to expand our reach and enhance the value we provide to our users.

“These strategic partnerships are key to scaling our impact, allowing us to integrate our technology across more clinics, gyms, and wellness centres worldwide, while ensuring that our innovative solutions continue to meet the evolving needs of the global health industry.”

Evolt has revealed that it conducted more than 2.3 million scans in the last financial year, representing a 57% increase on the previous year.

The growing popularity of GLP-1 medications for diabetes and weight-loss management has helped drive some of that growth, as Evolt notes that the use of these drugs presents new challenges, among them the potential loss of muscle mass and bone density.

Zouroudis sees Evolt’s technology having broad applications across multiple sectors, going on to say “the initial uses of this technology are clear, but its full potential may not be realised for some time.

“We know that using this device can improve member retention for gyms and wellness centres, because it can show progress that may not be visible to the naked eye, emphasising that a particular training regime, treatment or therapy is having the desired effect.”

While Evolt has yet to firm plans for an IPO, it is set commence a roadshow to promote the business to investors over the next month in the wake of the latest capital raise.

Image: Evolt co-founders Kelly Weideman and Ed Zouroudis.