Wednesday, June 29, 2022

Bachelor star Sam Wood sells his fitness app for $71 million

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It’s been a big week for former The Bachelor star and fitness attorney Sam Wood, who last week welcomed the birth of his third child and sold his fitness app. ’28 by Sam Wood’ in a $71 million (US$50 million) deal with Melbourne tech company myDNA.

Wood, 41, had his third daughter, Harper, with wife Snezana Markoski on May 4.

He founded 28 by Sam Wood with business partner David Jackson in 2016 under parent company Australian Life Tech (ALT). More than 400,000 have used the Wood fitness program.

The ALT company has expanded its offerings to include corporate wellness, white label platforms, product partnerships and retreats. It has delivered three years of revenue and a compound annual growth rate of over 30%.

Under the acquisition agreement, ALT will help myDNA accelerate its Software as a Service (SaaS) offering and direct-to-consumer growth.

myDNA uses genomic data to drive precision medicine and personalized wellness. It is chaired by Rich Lister Dennis Bastas, founder and CEO of Arrotex Pharmaceuticals, which has a 20% stake in the genetics business.

Wood said the merger is “the next big chapter and will allow us to drive growth, add incredible new technical features and personalization” for 28 by Sam Wood subscribers.

“I’m so proud of what we’ve accomplished so far and even more excited about what the future holds with myDNA,” he said.

myDNA CEO Dr. Lior Rauchberger said both companies will keep their own brand names. He becomes CEO of the parent company, MYDNA INC.

“Bringing together the technology platform, innovative product offerings and immense talent of these two companies will accelerate the global commercialization of Australian-developed IP,” he said.

David Jackson, who is also CEO of ALT, said Dr. Rauchberger and Bastas had built an “incredible global health tech company”.

“Australian Life Tech is passionate about using smart technology and data to unlock health outcomes and this complements myDNA’s leadership in genomic health and insights,” he said.

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