September 24th, 2024 – Evolt has completed a $20 million funding round supported by new and existing investors. The advanced body composition analytics pioneer plans to capitalise on the growing popularity of GLP-1 weight loss drugs like Ozempic and Wegovy.

The raise was backed by extremely supportive investors Regal Funds and Washington Soul Pattinson with later-stage growth fund manager Perennial Partners also joining the register. 

The fresh capital will fuel Evolt’s growth initiatives including potential for an upcoming IPO.

Co-founder and CEO Ed Zouroudis said the funding marked a significant milestone for the company.

“We are incredibly grateful for the continued support of our existing investors and thrilled to welcome new partners like Perennial Partners to our journey,” he said. 

“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, an internationally renowned sports promoter, founded Evolt in 2015, with Kelly Weideman, a veteran of the fitness industry.

With more than 2.8 million registered users across 46 countries, Evolt has the most sophisticated body scanning technology globally. Its FDA, TGA, and CE-registered bioimpedance scanners, already in use across thousands of locations in the global health and fitness industry, provide detailed insights into skeletal muscle mass, fat composition, and body fat distribution, helping medical professionals manage weight loss with GLP-1 drugs. 

“Our growth strategy is anchored in forging strong partnerships both internationally and domestically,” Zouroudis said.

“By aligning with leading medical, fitness, and technology organizations, 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 centers worldwide, while ensuring that our innovative solutions continue to meet the evolving needs of the global health industry.”

The rise in popularity of GLP-1 medications like Ozempic and Wegovy, used for diabetes management and weight loss, has further fueled demand for Evolt’s technology. According to recent data, 6% of adult Americans—more than 15 million people—are currently using GLP-1 drugs, a figure JPMorgan analysts predict could reach 30 million by 2030, driving the market value of weight loss drugs to over $100 billion. 

However, the surge in GLP-1 use presents new challenges, including potential muscle mass and bone density loss. Evolt’s technology, which measures 40 key body health parameters, provides the critical data needed by medical professionals and patients to monitor these changes effectively. 

The company has recently inked collaborations with leading cardiovascular medicine researchers in the US and has formed a partnership with a prominent telehealth provider focused on weight loss management. 

Ed Zouroudis said Evolt’s technology has broad applications which span multiple industries.

“The initial uses of this technology are clear, but its full potential may not be realised for some time,” Mr Zouroudis said.

“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.

“But as our recent agreements in the cardiovascular and weight loss spaces demonstrate, the medical applications represent a massive opportunity for us.

“We have a very strong pipeline of orders and we’re already in 150 medispas and medical clinics across the United States, so we are building a strong foothold in that market as well.”

Evolt did more than 2.3 million scans in the financial year 2024, a 57% increase on the year before.

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