Health-tech trailblazer EVOLT scores financial jolt with $12m raise

Some build empires in fitness, some in health and others in technology, but Kelly Weideman and Ed Zouroudis hit the trifecta when they founded EVOLT 360 four years ago.

The duo’s game-changing health monitoring technology has compiled more than 2.5 million health reports to date, giving end users full insight into their body compositions using more than 40 metrics including lean muscle mass, subcutaneous fat, visceral fat and water retention.

EVOLT now has a footprint in 33 countries with a client base including global heavyweights Anytime Fitness, HCF, World Gym and Virgin Active, and has recently completed a $12 million capital raise.

Weideman also recently won the coveted Trailblazer Award at the 2022 Gold Coast Young Entrepreneur Awards, befitting a founder who has achieved exponential growth in their business and has the potential for major success.

The fitness industry guru says taking out the prestigious accolade was a welcome validation of her 12-year journey from when the concept of EVOLT first sparked.

“We always had a big dream, and now to actually look back, we achieved what we set out to do,” she says.

“It’s been challenging, especially because we’re in the technology, health and fitness spaces which are such fast evolving industries to be in, but we just haven’t stopped – we have laser focus, we see the end picture and we just do what we have to do to get there no matter what.”

When asked about that one moment in every successful entrepreneur’s life, the moment they knew they ‘were on to a winner’, Zouroudis points to the unexpected.

“Kelly and I used to set up trials and demos for certain health clubs, and one day we were at a Fitness First in the foyer where we had a machine set up,” he recalls.

“Coming out of an aqua aerobics class were a group of beautiful 70- to 80-year-old ladies who had just finished their session and they asked me an intriguing question; did this machine measure visceral fat – which is really one of the things that EVOLT is trying to educate people about.”

“These women read their reports, sat down and had a giggle with each other about their bio ages, and that’s when I looked at Kelly and said, this product really is for everyone.”

Zouroudis says the company has grown throughout COVID despite the fact EVOLT's largest client base of gyms experienced closures for long periods at the height of the pandemic; challenges that underscored an existing diversification into new revenue streams including a major push into the global market, particularly North America. More than 70 per cent of sales are currently outside of Australia.

“Over the last few years we’ve realised there are so many other industries the scanner can benefit, like medical, allied health and corporate wellness companies,” says Weideman, adding that the technology's nutritional and supplement recommendations are also proving popular with clients. 

“We’ve seen lots of growth in different verticals and picking up huge clients, not only in Australia but all over the world, which has forced us to grow quickly and set up business in new countries and new regions at lightning speed.”

“Essentially we have landed some significant contracts which has grown our pipeline of orders,” adds Zouroudis.

“We knew coming out of COVID there would be a demand for this product, because it does attract people back into the bricks and mortar locations.”

EVOLT's $12 million raise was led by Bell Potter and backed by Regal Funds Management (ASX: RF1), Washington H. Soul Pattinson (ASX: SOL), Smarter Capital and other high net worth individuals.

Zouroudis says the company’s recent transition to a subscription-based model has grown its potential as an attractive investment even further.

“We used to sell the body scanners for an upfront purchase price, but now taking the funding on board we are able to strip that away and reduce the barrier for onboarding new clients,” he says.

Such new clients include Virgin Active which has just implemented EVOLT's technology through its network of gyms, both on land and even on the high seas aboard Virgin Voyages.

A feather in the cap of EVOLT's outstanding run post-COVID was when Richard Branson himself gave the technology his tick of approval.

“We woke up one morning to Richard Branson tagging us in his story reel,” Weideman explains.

“He had put up this video with our scanner saying that it was his favourite piece of equipment on the boat, and he had scored a 10 out of 10 health-wellness score.”

“Obviously something to boast about!” adds Zouroudis. “Which is good for us because we’re looking for those kinds of endorsements; not just insta-famous models who are being paid to promote a product. We also want legitimate ambassadors that our product has helped who are regular people with all kinds of bodies.”