Evolt Raises $20M, Mulls IPO
The full potential of Evolt, an advanced body composition scanner that is looking to capitalize on the rising use of GLP-1s, may not be realized for some time, CEO says
Australian fitness tech company Evolt, formerly known as Evolt 360, has raised $20 million for international growth initiatives as it mulls a potential IPO.
The company has developed an advanced body composition scanner that can distinguish between fat and muscle and measures 40 body health parameters. It’s a pivotal time for Evolt, as demand for weight loss drugs such as Ozempic and Wegovy soars and fitness and health technology converge.
The funding round includes new and existing investors, including Regal Funds and Washington Soul Pattinson.
“We are incredibly grateful for the continued support of our existing investors and thrilled to welcome new partners like Perennial Partners to our journey,” Evolt co-founder and CEO Ed Zouroudis 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 co-founded Evolt in 2015 alongside fitness industry veteran Kelly Weideman.
Right Time, Right Place
Existing at a time when consumers are keen to use technology to get a genuine picture of their health — and as weight loss medications have emerged as a tool to prolong lifespan — Evolt has found fertile ground for its advanced body scanning technology to help those on their health journey and gym operators increase engagement.
The tech company provides a comprehensive view of skeletal muscle mass, fat composition and body fat distribution and has grown to over 2.8 million users across 46 countries. Users can then track progress on an app and use the data to create actionable strategies for long-term success. There is also the ability to create individual macronutrient profiles to better understand the required protein, carbs and fat an individual needs — especially key for those using GLP-1s.
Weight Loss & Strength Gains
While weight loss medications can offer a transformation to a healthier weight, the risk of losing muscle mass and bone density has led industry experts to urge patients to embark on a strength training program to mitigate any potential effects.
As gyms continue to welcome newcomers using GLP1s, Evolt can be a valuable tool for long-term health success.
“While these medications aid in weight reduction, it’s crucial that this loss does not undermine skeletal muscle mass,” Zouroudis said. “A healthy body fat level, while building muscle, is the ultimate goal.”
Demand is there, as Evolt reports it conducted more than 2.3 million scans in the financial year 2024 — a 57% increase from the year prior.
What’s on the Horizon for Evolt
Zouroudis noted that Evolt’s growth strategy is forging strong international and domestic partnerships.
“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,” he explained. “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.”
Evolt has already begun collaborating with cardiovascular medicine researchers in the U.S. and has teamed up with a telehealth provider centered on weight loss management, but Zouroudis suggests it’s just the beginning for the tech company.
“The initial uses of this technology are clear, but its full potential may not be realized for some time,” Zouroudis said. “We know that using this device can improve member retention for gyms and wellness centers because it can show progress that may not be visible to the naked eye, emphasizing 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.”
To that end, he adds that Evolt has a strong pipeline of orders.
“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,” Zouroudis said.
