Sydney, Australia: Evolt 360, the Australian developer of a proprietary body composition scanning technology, has successfully completed a $12 million capital raise to meet its strong order pipeline.
The raise, led by Bell Potter Securities, was backed by leading investors Regal Funds Management, Washington H Soul Pattinson and family office Smarter Capital. The funds will be used to significantly increase manufacturing of the Evolt360 to meet strong growth in demand from existing enterprise contracts and new orders as a result of increasing awareness of the Evolt solution.
The Gold Coast-based business has commercialised an industry-leading body composition scanning technology. The Evolt360 is gaining broad acceptance from the world’s leading gym and fitness brands and is currently installed in 35 countries around the world, demonstrating strong global scalability.
The Evolt360, an FDA / TGA / CE medically approved device, uses bioelectrical impedance analysis (BIA) to deliver users a reliable in-depth report capturing over 40 different body composition measurements. This simple-to-understand data allows a user to track detailed changes in their body composition and monitor the impact of their nutrition (or diet?), exercise and fitness levels towards the achievement of personal health and wellbeing goals. The Evolt360’s measurements include breakdown of total weight, lean muscle mass, body fat including both subcutaneous and visceral fat, skeletal mass and fluids.
Evolt provides its clients with a cloud-based software solution “Evolt Insights” that enables detailed analytics of the membership base results and progress and facilitates challenge-based programs that use before and after scanning to show progress made over the period. Evolt Insights is also a powerful membership engagement tool to support and motivate their customer base. Additionally, each Evolt user is required to download the Evolt Active App which stores the user’s individual scan results and allows them to track their progress and body composition measurements. The app also supports direct engagement for both education, diet and macronutrient profiling to better understand and track health & wellness goals.
The business has seen tremendous growth since the reopening of the fitness industry post the shutdowns experienced due to Covid19. For FY2023, the business had 125% growth in revenue and was profitable, installed the Evolt360 in 1300 new sites which was 160% growth on the prior year, performed >850,000 individual scans and now has over one million registered users, across 35 countries. Future growth is underpinned by a roll-out to significant global enterprise customers including the world’s largest gym chain Anytime Fitness, chemist and vitamin store chains and with health insurers like HCF who implement the Evolt 360 with its corporate health customers throughout Australia. The company also has sold their solution direct to corporate customers in global mining companies, leading international medical universities and allied health professionals to support their internal wellness programs
